Wed Nov 20 05:54:42 UTC 2024: ## Indian Stocks Poised for Short-Term Rally, Despite Market Volatility

**MUMBAI** – Despite a recent downturn in the Indian stock market, fueled by weaker-than-expected earnings, softening global demand, geopolitical tensions, and uncertainty surrounding rate cuts, some analysts predict a short-term rally. The Sensex is down approximately 12%, and the Nifty is down 13% from their peaks, with further declines of up to 15% considered possible. Market volatility is expected to continue until a positive trigger emerges.

Axis Securities recommends a stock-specific approach, focusing on companies with strong fundamentals. The brokerage has identified three stocks showing promising technical signals and predicting potential returns of 15-23% within the next 3-4 weeks (April):

* **Thyrocare Tech (CMP: ₹980):** Showed a rounded bottom pattern breakout on the weekly chart, with high volume indicating increased participation. A projected upside of 11-16% to ₹1046-₹1100. Buy range: ₹955-₹935. Stop loss: ₹895.

* **Coforge (CMP: ₹8091):** Trading within a rising channel, recently supported by the lower band and now moving towards the upper band. The stock is above its major short- and mid-term daily moving averages. A projected upside of 9-13% to ₹8600-₹8900. Buy range: ₹7980-₹7820. Stop loss: ₹7550.

* **Dishman Carbogen (CMP: ₹215):** Showed a breakout from a consolidation zone with a strong bullish candle and high volume. The stock closed above the weekly upper Bollinger Band. A projected upside of 16-18% to ₹235-₹240. Buy range: ₹205-₹200. Stop loss: ₹187.

**Disclaimer:** These are views and recommendations from Axis Securities and not necessarily those of Financial Express. Market investments involve risk, and expert advice is recommended before investing.

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