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Chennai Petroleum Corp, PNB Housing, Tata Power; ICICI Direct recommends these shares upto 8% upside potential this week

ICICI Direct has identified three stocks with promising upside potential for this week: Chennai Petroleum Corporation, PNB Housing, and Tata Power.

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Chennai Petroleum Corp, PNB Housing, Tata Power; ICICI Direct recommends these shares upto 8% upside potential this week
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28 May 2024 10:30 PM IST

ICICI Direct has identified three stocks with promising upside potential for this week: Chennai Petroleum Corporation, PNB Housing, and Tata Power. The brokerage firm projects an 8% increase for these stocks.

Market Overview

On Tuesday, May 28, the Indian stock market closed in the red for the third consecutive session, with both the Sensex and the Nifty 50 experiencing declines. This ongoing volatility is attributed to substantial foreign capital outflows driven by election-related caution. The market's performance has been influenced by high valuations, mixed global signals, and a lack of new catalysts.

ICICI Direct maintains a positive outlook, expecting the Nifty to reach 23,400 in the coming weeks. The brokerage firm highlights a breakout from a three-month consolidation period and a rapid retracement of the past nine weeks of consolidation (22,800-21,700) within just two weeks. This swift retracement indicates a strong price structure, suggesting a continuation of the current uptrend. Despite high volatility due to the ongoing general election phases and the Q4 earnings season, ICICI Direct advises investors to focus on the bigger picture and utilize retracement as a buying opportunity.

Stocks to Buy This Week

Chennai Petroleum Corporation

Buy at: ₹940-963

Target Price: ₹1035

Stop Loss: ₹908

Rationale: The stock shows strong demand at the 100-day EMA, indicating inherent strength and potential for further gains.

PNB Housing

Buy at: ₹775-790

Target Price: ₹848

Stop Loss: ₹749

Rationale: A breakout from the falling trendline and formation of a higher base above the 50-day EMA suggests a favorable setup for the next upward movement.

Tata Power

Buy at: ₹438-449

Target Price: ₹480

Stop Loss: ₹431

Rationale: The stock's higher base above the 20-day EMA within a rising channel indicates a robust price structure, supporting further upward potential.

Disclaimer: The views and recommendations are those of individual analysts, experts, and brokerage firms. Investors are advised to consult certified experts before making any investment decisions.

Chennai Petroleum Corp PNB Housing Tata Power 
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