Navratri 2024: 9 stocks for your equity portfolio for sparkling returns
Source: Business Standard
The 9-day Navratri celebration, one of the most auspicious Hindu festivals, begins today. Apart from the religious significance, which includes fasting and worshiping Goddess Durga, the festive season also creates an atmosphere of joy with vibrant colours, decorations, lights and the popular dance form – Garba.
Given the 9-day Navratri festive season, here are 9 stocks that can potentially generate healthy returns in the near-term based on the present chart patterns.
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Sun Pharma
Current Price: Rs 1,921
Upside Potential: 15.3%
Support: Rs 1,868; Rs 1,853
Resistance: Rs 2,035; Rs 2,105
On the upside, the stock can potentially rally to Rs 2,215; with interim resistance likely around Rs 2,035 and Rs 2,105 levels.
ONGC
Current Price: Rs 295
Upside Potential: 17%
Support: Rs 285
Resistance: Rs 298; Rs 311; Rs 315
The medium-term chart suggests that the stock will need to sustain above Rs 298 for a fresh up move to emerge. On the upside, the stock can soar to Rs 345; with some resistance seen around Rs 311 – Rs 315 levels.
Oil India
Current Price: Rs 566
Upside Potential: 19.6%
Support: Rs 561; Rs 550
Resistance: Rs 625; Rs 640
Those apart, key momentum oscillators are showing signs of a turnaround from oversold conditions. On the weekly scale, the stock is seen seeking support around its 20-WMA (Weekly Moving Average) at Rs 561 – a key moving average the stock has not violated since July 2023.
On the upside, the stock can potentially jump to Rs 677 levels; with interim resistance Rs 625 and Rs 640 levels.
Petronet LNG
Current Price: Rs 356
Upside Potential: 9.5%
Support: Rs 336
Resistance: Rs 383
Data Patterns
Current Price: Rs 2,323
Upside Potential: 20.5%
Support: Rs 2,210
Resistance: Rs 2,570
Data Patterns stock can be a contrarian bet as the stock is seen trading with a negative bias on the daily scale; and in now in fairly oversold zone and close to its long-term support. The stock is trading near its 20-MMA (Monthly Moving Average), which stands at Rs 2,210.
GNFC
Current Price: Rs 692
Upside Potential: 11.9%
Support: Rs 670; Rs 663
Resistance: Rs 734
Tata Chemicals
Current Price: Rs 1,119
Upside Potential: 10.4%
Support: Rs 1,115; Rs 1,090
Resistance: Rs 1,145; Rs 1,177
Deepak Nitrite
Current Price: Rs 2,935
Upside Potential: 6.5%
Support: Rs 2,905
Resistance: Rs 3,000; Rs 3024
RCF
Current Price: Rs 183
Upside Potential: 9.3%
Support: Rs 179
Resistance: Rs 188; Rs 191
First Published: Oct 03 2024 | 11:56 AM IST