Updated: Feb 18
The last couple of months has been no less than a roller coaster of a ride for the Indian equity traders. While I don't see this roller coaster ending soon, I have spent a good time analyzing these stocks for some handsome profits. Let's learn all about them in this article.
Disclaimer: This is my personal opinion based on my own technical analysis. This is not a piece of investment advice. Kindly do your due diligence before investing.
Kansainer Nerolac Paints Limited
The first stock on the list is Nerolac Paints. Many of you would have heard about the company. The stock is currently trading at ₹494 while drafting this article. It is a midcap company with a market cap of more than 26,000 crore INR. In the last couple of years, the company has been consistently making a good amount of profit and its sales figures have grown by a decent 4% in the last 5 years. It has been almost debt-free with aggressive debt reduction policies in the recent past. Add to that the fact that the company was doing decent enough sales and profits even during the pandemic.
With the lifestyle slowly returning to the pre-pandemic era, one can expect it to do good in the near short term. HDFC securities have also given it a buy rating with a target of ₹700 in the next 12 months. That is around 45% returns. As per my trend analysis, if it is able to close above ₹532 in the daily candle, we can have 3 targets, first at ₹600 followed by another at ₹617, another at ₹657, and a final one at ₹700.
Jindal Stainless Steel
I am quite bullish on the metal sector in the long run and add to that the fact that the company is increasing its profits at a rapid rate since 2018 even though the restrictions that the pandemic brought in with it, provide the testimonial regarding how sound its fundamentals are. The stock price has grown almost 4x in the last year. It's a smallcap stock with a market cap of more than 10,000 crore INR. The debt to equity ratio is also low at 0.94%. The stock is currently trading just shy of ₹200,
ICICI securities forecast an upside move till ₹250. This is around 30% returns. As per my analysis, one can enter the stock at the current price and can have a stop loss at ₹177 while my first target will be at ₹220 and the final one at ₹250.
That's all for now. This is something new that I have tried. Do let me know your thoughts on it and if I should bring in such articles in the future. Consider giving a like and share it among your peers. To get notified of new articles, sign up to the NerdyTree.
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