We believe that there is more steam left to this pullback rally and hence it can extend higher till 17,700 where resistance in the form of the 50% Fibonacci retracement level (17,695) and the 20-day moving average (17,703) is placed. Considering the sharp up move in today’s trading session a consolidation cannot be ruled out. Overall, we expect the Nifty to trade in the range of 17,700 – 17,200 from a short-term perspective.- Sharekhan by BNP Paribas
As the markets rebounded from their lows, here are 8 stocks recommended by analysts for an upside of up to 61%:
Jindal Steel & Power
ICICI Securities has a ‘Buy’ on the Jindal group steel producers with a target price of Rs 750 per share which represents an upside of 29 percent from the current levels of Rs 581.
Havells India
ICICI Securities has a ‘Buy’ on the leading Fast Moving Electrical Goods (FMEG) Company with a target price of Rs 1,550 per share which represents an upside of 30 percent from the current levels of Rs 1,197.
Federal Bank Ltd
HDFC Securities has a ‘Buy’ tag on the private bank with a target price of Rs 175 per share which represents an upside of 30 percent from the current levels of Rs 135.
Axis Bank Ltd
ICICI Securities has a ‘Buy’ on the third largest private sector bank in India with a target price of Rs 1,130 per share which represents an upside of 33 percent from the current levels of Rs 852.
State Bank of India
Axis Securities has a ‘Buy’ call on the largest bank in India with a target price of Rs 750 per share which represents an upside of 39 percent from the current levels of Rs 538.
CESC Ltd
JM Financial has a ‘Buy’ tag on the RP-Sanjiv Goenka Group Electricity Distribution company with a target price of Rs 100 per share which represents an upside of 43 percent from the current levels of Rs 70.
Shyam Metalics and Energy
ICICI Securities has a ‘Buy’ call on the leading integrated metal-producing company with a target price of Rs 425 per share which represents an upside of 55 percent from the current levels of Rs 275.
Crompton Greaves Consumer Electricals
ICICI Securities has a ‘Buy’ call on one of the leading consumer companies in the country with a target price of Rs 495 per share which represents an upside of 61 percent from the current levels of Rs 308.
Written by Amit Madnani
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