Here is a list of top 5 stocks which, according to experts, can breakout in the short term:
Expert: Nagaraj Shetti, Technical analyst, HDFC Securities
(Timeframe 3-4 weeks)
Daily and weekly timeframe charts indicate a sustained upside in NMDC for the last couple of weeks. The stock price as per the weekly timeframe is now placed on the verge of an upside breakout from the key overhead resistance of around Rs 115-117.
This area has been a multi-month hurdle for the stock price over the last many months. The volume and oscillators are showing a positive outlook ahead.
Buying can be initiated in NMDC Ltd at CMP (Rs 114.25), add more on dips down to Rs 108, for the upside target of Rs 127 in the next 3-5 weeks. Place a stop loss of Rs 103.
This Metal stock has been moving in a larger consolidation pattern over the last few months. During this period the stock price has faced a key overhead resistance around Rs 206-207 levels and failed to sustain above it.
Recently, it moved above the resistance and showed an attempt to break out on the upside from this key hurdle. A sustained move above Rs 209-210 could open up renewed buying enthusiasm in the near term.
One may look to buy Hindalco at CMP at Rs 208.25, and add more on dips towards Rs 199, for the upside target of Rs 232 in the next 3-5 weeks. Place a stop loss of Rs 191.
Expert: Gaurav Garg, Head of Research, CapitalVia Global Research Limited
(Timeframe 3-4 Months)
The stock was in a month-long consolidation in the range of 180-160. It is on the verge of a major pattern breakout and we believe a break above 180 the stock has the potential to move till 225.
Other oscillators too are in the favor of an impending breakout for the stock. Traders can buy it for the target of 225.
The stock has been in news for a while for its cash crunch and fund-raising efforts. Big bulls from India and abroad have shown their trust in the brand values of Yes Bank.
Historically, as well as currently, it has taken support at psychological levels of 30 and 45 and bounced back from there. Given these parameters, one can accumulate this stock with a target of 150.
After many years of consolidation, the stock has taken support again within the range of 130-150.
Being a manufacturing industry, it also enjoys the recent tax cut announcements by the government. One can buy it with the target expectations of Rs 250.