After a strong start to September, Indian stock indices fell about 0.7% on September 4, 2024, due to a global market sell-off. However, many experts see this as a good chance to buy stocks at lower prices, with Indian markets expected to keep rising.
Brokerage firm StoxBox has highlighted three investment picks that could offer great returns. These stocks combine solid fundamentals with promising technical signals. Here’s a closer look:
Power Finance Corporation (PFC)
Trading at ₹558.85, PFC is considered a strong buy. StoxBox has set a target price of ₹600, which means a potential gain of over 7%. They recommend buying now with a stop loss at ₹507, looking for returns over the next two months. PFC, a major player in India’s power sector, recently dropped to a key support level around ₹480 after hitting highs of ₹580. This dip is seen as an opportunity for a rebound. The stock has already gained 164% over the past year and 46% in 2024 so far.
Wipro Ltd
Currently at ₹536, Wipro is also recommended by StoxBox. They have set a target price of ₹612, suggesting a 14% potential gain with a stop loss at ₹508. Wipro, a leading IT and consulting firm, is showing a classic cup-and-handle pattern, indicating it might be set for a growth phase. With the stock supported by its 50-day moving average, it’s considered a low-risk, high-reward pick. Wipro has advanced 23% over the past year and nearly 14% in 2024.
Welspun Living
Trading at ₹187.33, Welspun Living has a target price of ₹245, suggesting an upside of over 35% within a year. A major player in global home textiles, Welspun Living benefits from industry trends and government schemes. Despite geopolitical issues, the company’s focus on green energy and significant debt reduction since FY20 make it a strong investment. The stock has risen 48% over the past year and 30% in 2024 so far.
StoxBox’s picks offer a balanced investment approach with both strong fundamentals and positive technical setups. These recommendations provide great opportunities for investors looking to boost their portfolios.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
