HDFC, DLF, M&M & Astral: Stocks that can give double-digit returns in near-term

HDFC, DLF, Mahindra & Mahindra (M&M) and Astral are among the four stocks that can rally up to 12 per cent in the next few trading sessions, believes domestic brokerage firms namely Ashika Stock Broking and SMC Global. They are positive on the technical charts of these four counters and see strong upside potential in them. Here's what the brokerage firms have to say:

DLF | Buy | Target Price: 425- 430 | Stop Loss: Rs 345 | Upside Potential: 12%
From nearly last three months, DLF has been consolidating in a broader range of the 340-375 zone, as prices can be seen fluctuating around its 200-day exponential moving average on daily charts. Last week a fresh breakout in prices has been observed after a prolonged consolidation phase. The sudden spike in average volumes along with positive divergences on secondary oscillators, with a rise in price, points towards more upside in coming sessions. Therefore, one can buy the stock in the range of 375-380 levels for the upside target of Rs 425-430 levels with a stop loss below Rs 345 levels.
Recommended by: SMC Global

Astral | Buy | Target Price: 1,550 | Upside Potential: 11%
Astral's stock has recently generated a breakout above the falling supply line signaling a resumption of the up move and offering a fresh entry opportunity. Sustained healthy demand environment is expected to lead to high double-digit revenue growth for FY23. Buying demand is seen emerging after a higher base in vicinity of the 78.2 per cent retracement of June -Sept up move (Rs 1,186-1,991) indicating a positive price structure. The daily RSI is in uptrend and has generated buy signal above its nine-period average thus supports the positive bias. Hence one can expect the stock to continue with its positive momentum and head towards Rs 1,550 levels in the coming weeks
Recommended by: Ashika Stock Broking

HDFC | Buy | Target Price: Rs 2,950-3,000 | Stop Loss: Rs 2,550 | Upside Potential: 10%
Shares of HDFC, after testing its 52-week high of Rs 2,780, witnessed a correction phase, over the months, and seen sliding back towards Rs 2,550 levels. The correction in prices was observed with formation of lower top patterns on daily charts. However, stock managed to take support at its 200 days exponential moving average on daily charts, and once again caught an upside momentum. Last week, stock gave a breakout above the falling trend line of the downward-sloping channel. The rising volumes along with rising price action suggest a next upswing into the stock. Therefore, one can buy stock in the range of Rs 2,700-2,730 levels for the upside target of Rs 2,950-3,000 levels with a stop loss below 2,550 levels.
Recommended by: SMC Global

Mahindra & Mahindra | Buy | Target Price: 1,280 | Upside Potential: 10%
Shares of Mahindra & Mahindra (M&M) have been witnessing a breakout from the one-year falling trend line, indicating a resumption of the primary up trend. M&M is not witnessing any signs of demand moderation for its SUVs. Its order book is steady amid an uncertain macro environment. Over the past 2-3 months it retraced 38.2 per cent, the slower pace of retracement signifies a robust price structure. On the oscillator front, MACD is pointing upward while sustaining above its nine-period average and currently surpassing the zero line, indicating acceleration of upward momentum. Hence one can expect stock to resolve higher and gradually head towards Rs 1,280.
Recommended by: Ashika Stock Broking

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