Suzlon Energy, IRCTC, HDFC Bank, Airtel among 5 shares that may deliver decent returns in near-term

Domestic brokerage firms including ICICIDirect Research, JM Financial and Progressive Shares are positive on the select stocks, namely- Suzlon Energy, Indian Railway Catering and Tourism Corporation (IRCTC), HDFC Bank, Bharti Airtel- amid the rising volatility in the broader markets. The brokerage firms believe that these stocks are headed for a strong upside in the near-term on the basis of their sound technical setup. Here what the brokerage firms have to say about these counters:

Bharti Airtel | Buy | Target Price: Rs 920 | Stop Loss: Rs 849
While the headline indices are going through a volatile phase, Bharti Airtel has been relatively stable over the last week. The leveraged positions in the stocks have declined considerably in the last couple of months as stock prices consolidated. Despite closure, the stock has been able to remain in its trading range indicating prevailing positive bias in the stock. Hence, we believe fresh additions in the stock will trigger another round of fresh up move towards Rs 920.
Recommended by: ICICIDirect Research

Aditya Birla Fashion & Retail | Sell | Target Price: Rs 203 | Stop Loss: Rs 222.1
ABFRL has been one of the laggards in the sector and it wasn’t able to move beyond the major hurdle of Rs 225 in the last few months, despite multiple attempts. Recently, the stock has reverted from these levels along with fresh short build-up in the stock. Considering the stock reverting from its major Call base and now on the verge of moving below its Put base, accelerated selling pressure towards Rs 200 levels cannot be ruled out.
Recommended by: ICICIDirect Research

HDFC Bank | Buy | Target Price: Rs 1,755 | Stop Loss: Rs 1,505
HDFC Bank has declined from a high of Rs 1,758 levels to a low of Rs 1,558 levels. In the last 9 months, it has found support in the range of Rs 1,530-1,580 on multiple occasions. It has started trading above its 8-day EMA today. Interestingly, the stock has never closed above its 8-day EMA levels in the last 1 month.  In the current series. cumulative futures open interest registered a high of 136.5 million shares as against 104.9 million shares observed on the day of inception. The current open interest is also at an all-time high level, indicating massive short accumulation. A reversal from the support levels is likely to trigger a round of short covering.
Recommended by: JM Financial

Suzlon Energy | Buy | Target Price: Rs 39.35
Suzlon Energy has witnessed a spectacular run-up right from Rs 7 till now and at present, the stock is all set to give a major breakout in the higher timeframe in the form of rounding bottom formation. Indicators are showing a presence of a strong momentum and in the case of a breakout, the target is Rs 39.35
Recommended by: Aditya Gaggar, Director at Progressive Shares

Indian Railway Catering and Tourism Corporation  | Buy | Target Price: Rs 725-1,010
IRCTC Ltd has not only given a breakout from the Cup and Handle formation on the daily charts but also a falling wedge breakout was witnessed in the stock which was confirmed with a breakout in RSI and an uptick in the volume. As per the cup and handle formation, the short-term target comes at Rs 725 while the long-term target as per falling wedge arrives at Rs 1,010
Recommended by: Aditya Gaggar, Director at Progressive Shares

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)

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