Sun Pharma, TCS, UltraTech: 5 Sensex stocks that you should bet on for 2022

Year 2020 may see up to 20 per cent jump in these stocks, as the chart formations reveal higher interest of market players in these counters

Tata Consultancy Services (TCS)
Likely target: Rs 4,500
Upside potential:  20%

The recent weakness in the overall market could not dismantle the significant support of Tata Consultancy Services (TCS) counter. The lower rising trendline saw the stock get support near Rs 3,400 mark and reversed with strong upward momentum. The stock has now conquered the resistance of Rs 3,670 and is ready to fly in the direction of Rs 4,500 levels, as shown in this weekly chart. CLICK HERE FOR THE CHART
 

 
UltraTech Cement Ltd (ULTRACEMCO)
Likely target: Rs 8,500
Upside potential:  13%

On a larger weekly scale, the shares of UltraTech Cement held the ascending triangle breakout mark of Rs 7,000 during the recent weakness. This support reflects a medium-term accumulation that could see a sharp reversal towards Rs 8,500 levels.  That apart, the formation of the “Inverse Head and Shoulder” pattern with Moving Average Convergence Divergence (MACD) moving towards the zero line signals a bullish bias, as per the daily chart. The immediate support is at Rs 7,200 levels. CLICK HERE FOR THE CHART

 
ICICI Bank Ltd (ICICIBANK)
Likely target: Rs 850
Upside potential:  15%

This stock has slipped nearly 20 per cent from the peak of Rs 867 recently. That said, it managed to stem the fall and remain range-bound around Rs 700 levels. The chart structure reveals an accumulation range of Rs 700 to Rs 670. As long as this range is protected, ICICI Bank stock may see build-up of a positive interest from market participants, as per the daily chart. The 200-day moving average is also placed at Rs 678 levels. The overall trend suggests that the counter is headed towards Rs 850 levels. The upside, however, will be gradual in this stock. CLICK HERE FOR THE CHART

 
Asian Paints Ltd (ASIANPAINT)
Likely target: Rs 4,000
Upside potential:  18%

While Asian Paints' shares breached candlestick support, it has held on to the 200-DMA which currently placed at Rs 2,990. In addition, the momentum and strength suggests that the stock has conquered the resistance of Rs 3,350 levels with decent volumes indicating a further upside in the upcoming sessions. The overall trend indicates Asian Paints is headed towards a new all-time high of Rs 4,000 levels, according to the daily chart. CLICK HERE FOR THE CHART
 
Sun Pharmaceutical Industries Ltd (SUNPHARMA)
Likely target: Rs 1,000
Upside potential:  19%

A breach above the 52-week high (earlier high at Rs 851) can trigger a fresh breakout in Sun Pharma stock, which would see an added interest of market participants. The direction and momentum are likely to remain strong with an upward bias. The immediate support comes in at Rs 820 and then Rs 800 levels. The counter is heading towards Rs 1,000 levels in the weeks ahead. CLICK HERE FOR THE CHART