As the auspicious festival of Ganesh Chaturthi approaches, Dalal Street investors are looking for opportunities to enhance their wealth. In the spirit of this festive occasion, financial analysts have handpicked ten stocks that show the potential to deliver double-digit returns in the near to medium term.
1. Linde India (Upside Potential: 35%)
- Linde India recently experienced an “Ascending Triangle” breakout, indicating a bullish trend.
- Analysts foresee the stock reaching the Rs 8,000-mark, with support levels at Rs 4,800-4,700.
2. Polycab India (Upside Potential: 30%)
- Despite reaching an all-time high, Polycab India maintains strong support near Rs 4,800.
- The stock is poised for Rs 6,300-7,500 levels, making it an attractive option for accumulation.
3. Finolex Industries (Upside Potential: 25%)
- Supported by the 200-SMA at Rs 145, Finolex Industries broke out of consolidation in August.
- It offers a target of Rs 285, making it an appealing buy at levels around Rs 228.
4. Union Bank of India (Upside Potential: 15%)
- Union Bank of India has cleared the Rs 95-92 hurdle range with strong volumes.
- The stock is expected to trend towards Rs 110, making it a potential candidate for accumulation around Rs 98.
5. CDSL (Upside Potential: 50%)
- CDSL witnessed a bullish candle pattern on the weekly chart, indicating future gains.
- With a breakout above Rs 1,260 and a well-placed RSI, it targets Rs 1,720-2,000.
6. Power Grid Corp (Upside Potential: 50%)
- Power Grid Corp has been in a strong uptrend and recently broke out above Rs 185.
- Expect it to reach Rs 275-300 with an attractive risk-reward profile.
7. CIE Automotive India (Upside Potential: 41%)
- CIE Automotive India displays a strong uptrend with higher bottom formations.
- With an appealing chart, it aims for Rs 660-700, supported by a well-placed RSI.
8. HDFC Life Insurance (Upside Potential: 17%)
- HDFC Life Insurance broke out of a falling channel, indicating a trend reversal.
- It targets Rs 775 and beyond, offering a positive medium-term outlook.
9. UTI AMC (Upside Potential: 14%)
- UTI AMC formed a double bottom pattern and began forming higher tops and bottoms.
- Anticipate positive momentum with initial resistance at Rs 910-920.
10. Balrampur Chini Mills (Upside Potential: 18%) – After nine months of consolidation, Balrampur Chini Mills broke out to the upside. – Weekly and daily momentum indicators signal a buy, with a target of Rs 516.
These stock recommendations come from financial experts Avdhut Bagkar of Stoxbox, Vaishali Parekh of Prabhudas Lilladher, and Jatin Gedia of Sharekhan by BNP Paribas. As Ganesh Chaturthi approaches, investors have the opportunity to add a dash of prosperity to their portfolios with these promising picks.