Curated By: Business Desk
Last Updated: November 27, 2023, 17:41 IST
BSE Sensex increased by 0.26% in the week’s trading.
Bharat Forge’s shares are estimated to reach the level of Rs 1,250 in two to three weeks.
On Friday, November 24, the stock market closed with gains, wrapping the week up with an uptrend. The stock market closed with the fourth consecutive week of growth. In the week’s trading, BSE Sensex increased by 0.26% or 175 points and closed at 65,970. Whilst, NSE Nifty 50 gained 62.9 points or 0.31% and closed at 19,794.7 on Friday. During the last week, BSE Midcap saw a rise of 0.7%, and BSE Smallcap rose by 0.5%. Nifty Realty Index increased by 1.5%, and Nifty Metal, Nifty Oil & Gas, and Pharma sector indices also closed with a 1% gain.
BSE Sensex lost 47.77 points or 0.072% in value and traded at 65,970.04 at 12:20 pm on Monday, November 27, 2023. Meanwhile, Nifty 50 also saw a decline of 0.037% as it traded at 19,794.70, down by 7.30 points. On the contrary, Vidnyan Sawant, the AVP Technical Research at GEPL Capital — in a recent interview — suggested that if Nifty 50 remains above 19,700, investors may adopt a bullish strategy next week. Vidnyan Sawant also recommends three stocks with the potential for up to a 14% return in the next two to three weeks. Let’s take a look at these stocks:
Bharat Forge May Deliver Strong Returns
According to a report by Moneycontrol, Bharat Forge shares top Vidnyan Sawant’s list. It is estimated that this share could reach the level of Rs 1,250 in two to three weeks. On Monday, November 27, 2023, the Bharat Forge stock was up by 1.90% and traded at Rs 1,115.15 apiece at 12:10 p.m. While advising investors to buy Bharat Forge shares, Sawant suggests placing a stop-loss at Rs 1,040. Earlier, Bharat Forge experienced a strong decline between June 2021 and July 2023. After July 2023, the stock started gaining continuously. A breakout is now visible in the stock with a flag and pole pattern, indicating a potential upward trend.
Colgate Palmolive May Offer A 12% Profit
Sawant also suggests investing in Colgate Palmolive shares. The share closed at Rs 2,187.15 last week and it is trading 0.09% lower on Monday at Rs 2185.20. Sawant has set a target price of Rs 2,450 with a recommended stop-loss at Rs 2,090. Colgate Palmolive’s share exhibits a strong uptrend. In the first week of July 2023, the stock broke out of a rectangle pattern, formed three years ago. It is consistently trading above its 12-week EMA, indicating a sustained uptrend.
MCX India Expected To Provide A 14% Profit
The stock of MCX India closed at Rs 2,926.30 on Friday and is currently trading at Rs 2,920.10, indicating a decline of 0.21% from its previous close. Sawant anticipates a 14% jump in the next two to three weeks, reaching the level of Rs 3,335. The chart pattern of the stock suggests potential earnings. After a breakout from the October 2021 swing high, higher highs and higher lows have been observed. The stock is currently trading above its 50-day EMA and 100-day EMA.