Fireworks in Indian stock markets ahead of Dhanteras and Diwali have begun with BSE Sensex once again closing above the 60,000-mark on Monday while the broader market Nifty50 closing just shy of the 18,000 levels. The 30-share Sensex ended at 60,138.46, up almost 831.53 or 1.40 per cent while the 50-share Nifty50 gained 1.46 to end at 17,929.65.  

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If you are looking for stocks that could yield high returns, here is a list of four such stocks. The picks have been suggested by technical analyst Nilesh Jain. 

Bank of Baroda: Buy| LTP: Rs 99| Target: Rs 120/135| Stop Loss: Rs 82| Upside 20%   

Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking has recommended this stock on previous occasions too and is bullish on the overall PSU Bank theme. The total market cap as on 1 November 2021 was over Rs 51,000 cr. Buying is recommended on dips and in a range between Rs 94 and Rs 98. 

One-year returns on the BoB stock is over 137 per cent and it has outperformed the sector. 

Jain is bullish on this stock with economy opening up and reviving improving collection efficiencies, reducing NPAs and lower interest rates.  

The stock gave a breakout from a multi-year falling trend line and also surpassed its 200-weekly moving average after a span of three years. The recent price breakout was also supported by higher-than-average volumes on the weekly time frame.  

On a shorter time frame stock also gave a breakout from a symmetrical triangle formation and the target for the same comes around 120. Based on the above rationale we can expect the counter to move towards the first target of 120 and then the second target of 135 levels. The stop loss should be placed at 82 and the ideal buying range would be 94-98. 

Indiabulls Real Estate: Buy| LTP: Rs 163| Target: Rs 200/250| Stop Loss: Rs 121| Upside 53%   

Jain is positive on the real estate sector. Huge latent demand, lower interest rates and affordability will lead to increase in revenue and profitability. Moreover, the Embassy Group has proposed a merger with IBREAL where Embassy will become the promoter of the merged entity on completion of the merger. The merged entity will be a real estate developer with a fine balance of commercial and residential real estate and will count amongst the largest real estate developers in India.  

The stock is stuck in a range for more than a decade where it formed a strong base near 40 levels. It started making a higher top and higher bottom formation and is also forming a rounding bottom where the upside is open 250. On the weekly scale, it witnessed a golden crossover where 50-WMA surpassed its 200-WMA which is a positive sign. The immediate support is placed near 121 levels. Based on the above rationale we can expect this counter to test the upper trend line which comes above 200 levels. 

The stock today ended at Rs 163.40, up almost 7.6 per cent on the NSE. The buying range is Rs 148-Rs 152.      

SW Solar: Buy| LTP: Rs 444| Target: Rs 500/600| Stop Loss: Rs 370| Upside 35% 

Another Diwali pick was Sterling & Wilson Solar. The market cap of this stock was around Rs 6,500 cr. The buying range is Rs 425-Rs 435. The stock today ended at Rs 444, up 2.2 per cent from the Friday closing price.  

SW Solar is one of the leading end-to-end solar engineering, procurement and construction (EPC) solutions provider globally and is also engaged in the operation and maintenance (O&M) of solar power 

projects. The company is backed by strong parentage of the Shapoorji Pallonji Group. Recently Reliance 

Industries bought 40% stake in the company. 

The stock gave a breakout from an ascending triangle formation and also filled the earlier gap. The recent volume activity with a gradual increase in the price is indicating a further upside move to continue in the short term. The momentum oscillator MACD gave a buy crossover above zero line on the weekly time frame which is a positive sign. The overall setup hints that stock may test its previous all-time high levels of 613 whereas support is placed at 370 levels. 

REC Limited: Buy| LTP: Rs 150| Target: Rs 175/190| Stop Loss: Rs 121| Upside 27%   

Shares of REC Limited today ended at Rs 150.55 and were up 1.3 per cent on Monday. REC is trading at half of its book value with 7 per cent dividend yield. Lower interest rates, improving efficiencies in power sector, improved collections and past under recoveries will drive re rating of the stock. 

The stock after forming a base at around 80 levels is continuously making a higher top and a higher bottom formation on the weekly scale. It is taking constant support of a rising trend line. The stock is constantly taking support of its 200-DMA which is currently placed at 145 levels. Based on the above rationale we can expect the counter to break the major resistance of 168 and move towards 175 and then 190 levels. The stop loss should be placed at 132 and the ideal buying range would be 144-149. 

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)