Pick these 3 stocks for double-digit returns in coming 2-3 weeks

About this update from Navin Fluorine International Limited

By Jigar S Patel, senior manager - equity research at Anand RathiThe recent activity on D-Street was notably influenced by geopolitical tensions between Iran and Israel, putting significant pressure on domestic markets at the start of the trading week that ended April 19. The Nifty 50 index experienced a breach below the critical support levels of 22,300 and even dipped below 22,000 to touch a weekly low of 21,777. However, a robust recovery in the week's final session helped the index reclaim the 22,000 mark, though it still concluded the week with a loss exceeding 1.6 percent.From a technical standpoint, the index corrected more than 78.6 percent of its previous rally but found support at the rising trendline's placement and the lower boundary of the ascending channel.Currently moving within this upward channel, sustaining above the weekly low of 21,777 may indicate a potential test of the channel's higher end in the coming weeks, situated above the 22,800 mark. This conviction stems from observing a reversal candlestick pattern on the weekly scale and noting that the FIIs' long-short ratio in index futures has reached approximately 35 percent, signaling limited downside potential.In the upcoming week, immediate resistance is anticipated at 22,180, and breaching this level might induce short covering in index futures, whereas a breach of 21,777 could trigger further market panic.The Nifty Bank index underwent a correction of around 2,000 points from the 48,500 mark, ultimately closing the week with a loss of approximately 2 percent. Despite an initial Cup and Handle breakout attempt, the index corrected around 78.6 percent of its prior rally. It has rebounded from a significant rising trendline's placement, with further panic unlikely unless the 46,500 support level is breached. On the upside, immediate resistance is observed at 48,000, with sentiments expected to improve upon surpassing this level.Here are three buy calls for the next 2-3 weeks:Hikal: Buy | LTP: Rs 298.55 | Stop-Loss: Rs 250 | Target: Rs 375 | Return: 26 percentOver the previous year, Hikal has established a strong support zone spanning from Rs 250 to Rs 260, undergoing numerous tests highlighting its resilience amidst downward pressure. Recently, a significant breakthrough occurred as Hikal surpassed a bearish trend line that had restricted its movement for the past 3-4 years, and not...

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