Eicher Motors, Petronet LNG, Kajaria, Indian Hotels & Godrej CP: 5 stocks that can rally in near term

Domestic brokerage firms including ICICIDirect, Reliance Securities, Nirmal Bang and Prabhudas Lilladher are positive on select stocks including Eicher Motors, Petronet LNG, Kajaria Ceramics, Indian Hotels and Godrej Consumer Products based on their technical parameters. Here's what the analysts said about these stocks:

Petronet LNG | Buy | Target Price: Rs 270 | Stop Loss: 210
Petronet LNG, technically on quarterly charts, suggests that it is on the verge of giving a breakout of the Pennant pattern suggesting a potential up move. The daily chart indicates that the stock is trading above all the important moving averages suggesting a potential up move in the near term. The interesting fact is that the stock is on the verge of showing a positive RSI crossover. Buy Petronet LNG above Rs 230.20, ADD on dips at Rs 220 for a target of Rs 270 with a strict stop loss of Rs 210.
Recommended by: Nirmal Bang Institutional Equities

Kajaria Ceramics | Buy | Target Price: Rs 1,165 | Stop Loss: Rs 1,028
The share price of Kajaria Ceramics has recently rebounded taking support at its November 2022 lows and on Monday’s session, it generated a breakout above a falling supply line joining highs of January and March 2023 and in the process also closed above the 200-Day EMA signaling reversal of the corrective trend and offers fresh entry opportunity. We expect the stock to maintain positive bias and head towards Rs 1,165 levels in the coming weeks being the 61.8 per cent retracement of the September 2022 – March 2023 decline (Rs 1,282-1,007). Among the oscillators, the daily MACD has generated a buy signal moving above its nine periods average thus validating positive bias.
Recommended by: ICICIDirect Research

Indian Hotels Co | Buy | Target Price: Rs 418 | Stop Loss: Rs 290
In late-February 23, Indian Hotels witnessed a breakout from the continuation pattern-Bullish flag and remained above the upper band of the flag subsequently. We believe the stock will bounce utilizing prior consolidation. On the higher side, the stock may face hurdles around its lifetime-high before a fresh up-move. Upward sloping moving averages and positively poised technical indicators signal the stock is poised to explore uncharted territory, which could lead it towards the breakout point of the Bullish Flag pattern. In case the stock violates its upper band of the flag, probable up-move will be negated. A long position can be initiated in the range of Rs 332-325 for a target of Rs 418 and a closing-based stop loss of Rs 290.
Recommended by: Reliance Securities

Eicher Motors | Buy | Target Price: Rs 3,350 | Stop Loss: Rs 2,830 |
Eicher Motors has witnessed a decent erosion from the peak zone and has retraced almost 61.80 per cent of the rise seen from Rs 2,160 levels taking support near the Rs 2,830 zone and indicating a decent pullback to improve the bias. The RSI has also shown a decent reversal from the highly oversold zone to signal a buy and has much upside potential from here on. With the chart looking attractive, we recommend a buy in this stock for an upside target of Rs 3,350, keeping a stop loss of Rs 2,830.
Recommended by: Prabhudas Lilladher

Godrej Consumer Products | Buy | Target Price: Rs 270 | Stop Loss: 210
Monthly chart suggests that Godrej Consumer Products is forming a pennant pattern and a breakout of the downward sloping trend line. The stock will witness an up move in the near term. It is well placed above all its important moving averages. Technically, the stock has made a formation of a flag pattern on its daily charts. Momentum indicator RSI shows a positive crossover in its Monthly charts. Buy Godrej Consumer Products above Rs 966, and add on dips at Rs 940 for a target price of Rs 1,070 with a strict stop loss of Rs 925.
Recommended by: Nirmal Bang Institutional Equities

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)

Also read: TCS Q4 results: Deal wins, commentary on BFSI, client spends, other things to watch on Wednesday

Also read: Adani Enterprises, Adani Ports, Ambuja Cements: Adani group shares where MFs cut stakes in Q4 amid Hindenburg saga