Stocks to buy: Tata Motors, L&T among 9 stocks that may give double-digit returns in the short term, say analysts
Week Ahead: Q4 Results, F&O expiry, Lok Sabha elections, global cues among key market triggers this weekAccording to Ajit Mishra, SVP of research at Religare Broking, the market's buoyancy over the last two weeks has countered the previously bearish sentiment. The Nifty is expected to move toward the 23,150-23,400 range soon.Also Read: Poll fever grips D-Street: Nifty 50, Sensex post biggest 2-week gain in 5 months; Will the bull run sustain post-June 4?"In the event of a dip, the 22,550-22,800 zone is expected to provide strong support.
While all key sectors are contributing to the rally, banking and IT still have significant upside potential, and their participation could drive the index to much higher levels. We recommend continuing a stock-specific trading approach, favouring large and mid-cap stocks for short-term trades," said Mishra.Also Read: Market capitalization of 9 of top-10 most valued firms jump ₹1.85 lakh crore; Reliance and HDFC top gainersEven as the market is at a record high level, experts say some stocks look attractive on the technical charts, and one can consider buying them for short-term gains.
Based on analysts' recommendations, the below nine stocks may give double-digit returns in the short term. Take a look:Arora pointed out that the Tata Motors stock has taken strong support at the ₹920 mark and bounced strongly from those levels, indicating a potential double-bottom reversal pattern on its daily charts.
With the RSI (14) near 46 and witnessing a minor uptick from lower levels of 35, the stock is indicating good signs of momentum and strength and looks poised for price targets of ₹1,200 and above from a short-term perspective. However, a strict stop loss should be kept at ₹900 mark to manage
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