Aurobindo Pharma, Anupam Rasayan, Aegis Logistics, AurobindO Pharma; up 12% upside

Domestic brokerage firms like Axis Securities and ICICI Securities believe that select stocks like Aurobindo Pharma, Anupam Rasayan, Aegis Logistics and Indraprastha Gas can deliver up to 20 per cent return in the near term if one trades them on either side. The technical charts of these stocks appear to have a strong upside in the near-term. Aurobindo Pharma | Buy | Target price: Rs 530 -- 545 | Stop Loss: Rs 465 | Upside: 9 -- 12%

Aurobindo Pharma broke out above the medium-term 'falling channel' at Rs 485 with a bullish candle indicating a positive bias. There is an increase in volume confirming participation at the breakout level. The stock is well placed above 20, 50, 100 and 200 daily SMA, indicating positive momentum. The weekly strength indicator RSI is above its reference line indicating positive momentum RSI. The above analysis shows an upside of Rs 530 -- 545 levels.

Anupama Rasayan broke out above the double bottom with a bullish candle indicating positive bias. The neckline of the breakout was placed at Rs 825. The breakout has an increase in volume that confirms participation at the breakout level. Since the beginning of January 2022, the stock had broken above the medium-term downward sloping trendline. The weekly strength indicator RSI is above its reference line and indicates positive momentum. The above analysis shows an upside of Rs 940 -- 970 levels.

Aegis Logistics broke out above the multi-year resistance placed at the Rs 385 level, indicating a strong upward trend. The stock is trading in a medium-term rising channel. It took support in the lower band and it is heading towards the upper band of a channel. The stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 440 -- 455 levels.

Indraprastha Gas has produced a breakout above a triangular consolidation over the last three months. The stock has taken 13 weeks to retrace just 61.8 per cent of its previous eight weeks up move Rs 365 -- 452 A shallow retracement signals a higher base formation. The base of the recent consolidation is placed at 50 days EMA, signaling strength and positive price structure. We expect the stock to maintain positive bias and head toward Rs 480 levels in the coming weeks, which is the 138.2 per cent of the external retracement of the last decline of Rs 452 -- 390. The daily 14 periods RSI has generated a buy signal above its nine periods average, which supports positive bias.

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