Domestic equity indices plunged sharply on Monday morning in an all-round selloff ahead of the assembly poll outcome. Pessimistic global sentiments also pushed investors to go for panic selling. An over 600-point plunge in the Sensex within the first one hour of trade tells a story. 

However, analysts said while there would be a knee-jerk reaction in the market following the election outcome, things should start improving after the picture gets clear. "The market is jittery for the short term," said G Chokkalingam, CEO of Equinomics Research and Advisory. 

He said the nervousness around the poll outcome would fade soon, probably in a week's time, as it is not about the general election. “If neither BJP nor Congress gets more than 200-odd seats in the next Lok Sabha election, than the market may see a longer bearish phase running into 1-2 years,” he said. 

The market has the temperament of taking things in its stride and will create opportunities for investors in specific pockets. Based on various analyst recommendations, here is a look at about a dozen stocks that can potentially deliver solid gain over next two weeks. 

Aditya Agarwala, Technical Analyst, YES Securities 

Thermax| Buy | Target price: Rs 1,220-1,300 | Stop loss: Rs 1,015

On the weekly chart, Thermax is on the verge of a breakout from a channel pattern neckline placed at Rs 1,115, indicating resumption of the bullish trend. Further, a sustained trade above Rs 1,115 with healthy volumes can take the stock higher to Rs 1,220-1,295. The RSI has turned upwards after taking support at the lower end of the bull zone i.e. 36 level and has formed a positive reversal on the daily chart suggesting bullishness dominant in the stock. "The stock can be bought in the range of Rs 1,100-1,110 for targets of Rs 1,220-1,300 with a stop loss below Rs 1,015,” Agarwala said. 

Muthoot FinanceNSE 1.16 % | Buy | Target price: Rs 515-550 | Stop loss: Rs 425 

On the weekly chart, Muthoot Finance is on the verge of a breakout from a Triangle pattern suggesting resumption of an uptrend. On daily chart, it is on the verge of a breakout from the bullish Flag pattern indicating bullishness. Moreover, RSI has turned upwards after taking support at the 40-level affirming bullishness dominant. "The stock can be bought in the range of Rs 470-472 for the targets of Rs 515-550, keeping a stop loss below Rs 425," Agarwala said. 

Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher 

Sun TV Network | Buy | Target price: Rs 660 | Stop loss: Rs 560 

This stock has witnessed decent value erosion from Rs 1,000 level and has been consolidating for quite some time at around Rs 595–600. Currently, a positive candle pattern is indicated from the bottom, made at around Rs 570 to show the strength and has the potential to rise further in the coming days. The indicators have turned favourable with the RSI reversing its trend, giving a buy signal. "With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 660, keeping a stop loss of Rs 560," Parekh said. 

Raymond | Buy | Target price: Rs 875 | Stop loss: Rs 750 

This stock has made a higher bottom formation pattern on the daily chart, taking support at around Rs 765 and has indicated a bounce back. The chart looks attractive and has the potential to rise further with the same momentum in the coming days. The RSI has turned positive with a trend reversal, giving a buy signal. "With good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 875, keeping a stop loss of 750," Parekh said. 

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas NSE -0.71 % 

DaburNSE 1.69 % | Buy | Target price: Rs 463 | Stop loss: Rs 395 

Dabur has formed an Impulse on the upside from the level of Rs 362 till Rs 426 & retraced the same till 38.2 per cent retracement mark. From that key Fibonacci level, the stock has started rallying again. In the last session, the stock has crossed a falling trendline on the hourly chart. This is a good setup to initiate a fresh long position in the stock.

Tata Communications | Buy | Target price: Rs 587 | Stop loss: Rs 502.50 

Tata Communications has witnessed a short-term correction over the last few sessions. On the downside, however, it found support near the junction of 40 day exponential moving average & the daily lower Bollinger Band. The two in combination act as a key support zone. Thus, unless the swing low of Rs 502.50 breaks on the downside, the stock is expected to head higher from the current level. 

Nagaraj Shetti, Technical Research Analyst, HDFC Securities 

WiproNSE 0.43 % | Buy | Target price: Rs 365 | Stop loss: Rs 314 

The IT stock, as per the larger timeframe like weekly, was moving in a larger consolidation pattern in the previous many weeks, after showing a sharp upmove in the month of July-Aug 18. The stock has witnessed a sharp upside bounce in the last couple of weeks and is currently placed at the verge of staging an upside breakout of the consolidation at Rs 335-340. The volume expanded during the upmove of the last two weeks and a weekly 14 period RSI is now showing positive indication. "One may look to buy Wipro at the current market price (Rs 335.35) and add more on dips down to Rs 325. Hold it for the upside target of Rs 365 over the next 3-4 weeks, with a stoploss at Rs 314," said Shetti. 

SiemensNSE 1.13 % | Buy | Target price: Rs 1,030 | Stop loss: Rs 880 

After a sharp decline of the previous few months, the stock price has shifted into a larger consolidation pattern at the low of Rs 850-900 in the last one month. There is a formation of triangle type pattern and the last session witnessed an attempt to stage the upside breakout of the triangle pattern at Rs 945-950. This pattern could be considered as an upside breakout attempt after a bottom reversal. The volume and momentum oscillators are also showing positive indication. "Buying can be initi​ated in Siemens at the current market price (Rs 940), add more on dips down to Rs 910 and hold for the upside target of Rs 1,030, with a stoploss at Rs 880," Shetti said.

Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, 

ITC | Buy | Target price: Rs 289 | Stop loss: Rs 270 

This counter appears to be moving in a range of Rs 290–270 for quite some time, sustaining above Rs 270. It can once again attempt to test the higher end of the trading range. "Positional traders should buy in this counter with a stop below Rs 270 on closing basis and look for a target of Rs 289," Mohammad said.

Dabur | Buy | Target price: Rs 426-440 | Stop loss: Rs 395 

This stock is repeatedly attracting buying interest around Rs 400 as it once again rebounded from the said support in Friday’s session. Though initial target is placed around Rs 426, as it is repeatedly attracting buying interest around Rs 400, this resistance shall be eventually taken off paving the way for a bigger target towards Rs 440. Stop suggested for the trade is a close below Rs 395.

SMC Global Securities

HUL | Buy | Target price: Rs 1,920-1,950 | Stop loss: Rs 1,740 

The 200-day exponential moving average (DEMA) of the stock on the daily chart is currently at Rs 1,571.26. Short-term, medium-term and long-term bias are looking positive for the stock as it is continuously trading in the higher highs and higher lows. Last week, the stock gained over 4 per cent and closed above Rs 1,810, which was its previous resistance level, along with high volumes. one can buy in the range of Rs 1,790-1,800 for the upside target of Rs 1,920-1,950 with a stop loss below Rs 1,920-1,950 with a stop loss below Rs 1,740. 

PTC India | Buy | Target price: Rs 92-94 | Stop loss: Rs 77 

The 200-day exponential moving average (DEMA) of the stock on the daily chart is currently at Rs 84.56. The stock formed a double bottom pattern around Rs 65 and has started moving higher along with volumes. Last week, the stock registered gains more than 3.5 per cent and gave the breakout of downward sloping resistance while managing to close above the same. On the indicators front, RSI and MACD are suggesting buying for the stock so positive momentum can continue during coming days.

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