Hot Stocks: Here’s why ICICI Prudential, IGL could rally 10-12% in 3-4 weeks

The breadth of the markets has not seen any major recovery and a breakdown of 11,350 levels on the downside could further push the index lower to 11,050 levels.

Bank Nifty is being trended in the range of 23,300-23,900 levels and awaiting the decisions of the Supreme Court with respect to the interest moratorium for either side breakout.

The trend continues to remain positive till 23,100 levels is not breached on the downside as the resistance of the previous months now would act as strong support from current levels.

Here is a list of the top three stocks which could give 10-12% return in the next 3-4 weeks:

Bharat Forge: Sell | LTP: Rs 491 | Target: Rs 430 | Stop Loss: Rs 524 | Downside: 12%

The stock has made a lower top on weekly charts and witnessed a sharp reversal with higher volumes and selling with negative divergence on daily charts.

The breakdown of short-term averages and RSI cutting downwards from the top would put pressure on the downside

We believe it will face resistance near its 200 week average of Rs 525 and it could be be a reversal point. ICICI Prudential Life Insurance: Buy | LTP: Rs 440 | Target: Rs 495 | Stop Loss: Rs 399 | Upside: 12%

The stock has completed its corrective action from the recent high of Rs 487 completing its 25.2 percent retracement (226-487) levels of the previous up move.

The daily RSI has also reversed upwards from the lower range and trading above the long-term average which indicates a bullish setup.

Multiple support levels in the range of Rs 405-415 levels would be protected and offer a good risk-reward ratio from current levels.

IGL: Buy | LTP: Rs 410 | Target: Rs 455 | Stop Loss: Rs 385 | Upside: 10%