October 4, 2024

Navratri 2024: 9 stocks for your equity portfolio for sparkling returns

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Navratri 2024: 9 stocks for your equity portfolio for sparkling returns

Source: Business Standard

5 min read Last Updated : Oct 03 2024 | 11:56 AM IST


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

Post the breakout above its 20-DMA (Daily Moving Average) on June 24, Sun Pharma has rallied 31.5 per cent till date. Also, the stock has consistently found support around its 20-DMA in case of a dip. The 20-DMA at present stands at Rs 1,868; which is closely followed by the super trend line support at Rs 1,853. Thus, the near-term bias for Sun Pharma stock is likely to remain positive as long as the stock sustains above these 2 key support levels. CLICK HERE FOR THE CHART

 


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

ONGC has been testing support around its 100-DMA, which stands at Rs 296, for nearly a month now. Key momentum oscillators such as the 14-day RSI (Relative Strength Index), MACD (Moving Average Convergence-Divergence) and Slow Stochastic have turned favourable on the daily scale. Below the 100-DMA, the recent low around Rs 285 should act as a support. CLICK HERE FOR THE CHART


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

Oil India stock is also seen testing support around its 100-DMA, which stands at Rs 550 levels. The price-to-moving averages action seems neutral, as the 20-DMA has slipped below the 50-DMA; but both were seen holding firmly above the other long-term moving averages. CLICK HERE FOR THE CHART


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

Petronet LNG stock seems on course to test Rs 390 levels, with some interim resistance seen at Rs 383. The stock has recently broken above its 20-DMA and the super trend, and at present is seen testing resistance around the 50-DMA at Rs 356. The near-term bias for the stock is likely to remain upbeat as long as the stock holds above Rs 336. CLICK HERE FOR THE CHART


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. 

In case of a relief rally, the stock can spurt to Rs 2,570 levels; above which test of Rs 2,800 levels seems likely. CLICK HERE FOR THE CHART


GNFC


Current Price: Rs 692


Upside Potential: 11.9%


Support: Rs 670; Rs 663


Resistance: Rs 734

GNFC stock is seen trading along the higher-end of the Bollinger Bands on the daily scale. The long-term chart suggests that the stock can potentially rally to Rs 774; with interim resistance likely around Rs 734. Support for the stock is visible at Rs 670 and Rs 663 levels. CLICK HERE FOR THE CHART


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

Tata Chemicals stock is likely to trade with a bullish bias as long as the stock holds above Rs 1,115; below which support for the stock is seen at Rs 1,090. On the upside, the stock can surge to Rs 1,235; with interim resistance expected around Rs 1,145 and Rs 1,177 levels. CLICK HERE FOR THE CHART 


Deepak Nitrite


Current Price: Rs 2,935


Upside Potential: 6.5%


Support: Rs 2,905


Resistance: Rs 3,000; Rs 3024

Deepak Nitrite is likely to retest its recent highs around Rs 3,125 levels. The stock recently cleared the 20-DMA hurdle at Rs 2,905. The same is expected to act as an immediate support going ahead. Interim resistance for the stock is seen at Rs 3,000 and Rs 3,024 levels. CLICK HERE FOR THE CHART


RCF


Current Price: Rs 183


Upside Potential: 9.3%


Support: Rs 179


Resistance: Rs 188; Rs 191

Key momentum oscillators of RCF stock have given a positive divergence on the daily frame following a prolonged period of consolidation; thus augurs well the stock. RCF can attempt a pullback to Rs 200-mark; with interim resistance seen at Rs 188 and Rs 191 levels. On the downside, the stock is expected to find support around Rs 179. CLICK HERE FOR THE CHART
 

First Published: Oct 03 2024 | 11:56 AM IST



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