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Business News/ Markets / Stock Markets/  Stocks to Buy: PNC Infratech, PNB, among 4 weekly technical picks of Axis Securities
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Stocks to Buy: PNC Infratech, PNB, among 4 weekly technical picks of Axis Securities

Stocks to Buy: Axis Securities 4 weekly tech picks are Fertilizers and Chemicals Travancore, JK Lakshmi Cement, PNC Infratech and Punjab National Bank.

Stocks to buy Premium
Stocks to buy

Stocks to Buy:  The 4 Weekly Technical Picks by Axis Securities include Fertilizers and Chemicals Travancore JK Lakshmi Cement, PNC Infratech, Punjab National Bank.

Fertilizers and Chemicals Travancore 

Axis Securities recommends buying the stock in the Range of 880-864 with a Stop loss at 799 for a upside of 17– 21%.

The stock is exhibiting a pattern of higher high-low formations on the weekly chart, signaling a medium-term uptrend. 

The closing above the upper Bollinger Band on the daily chart has generated a buy signal, indicating positive momentum even on a shorter time frame.

The weekly strength indicator RSI is in a bullish mode and is holding above its reference line indicating a positive bias

The above analysis as per Axis Securities indicates an upside of 1020-1055 levels. 

*Holding period for the stock as per Axis Securities is 3 to 4 weeks.

Also Read-  Tata Motors share price up 115% in less than a year; is there more steam left?

JK Lakshmi Cement

Buy Range for JK Lakshmi Cement is 920-902, with a stop loss of 826 for an upside of 19% –24%

The increase in volume activity at the breakout suggests an influx of market participation, emphasizing the significance of the price movement.

The stock is maintaining its position above the 38% Fibonacci Retracement level of the rally from 628 to 916, establishing a medium-term support base around 810.

The weekly strength indicator RSI given a crossover above its reference line generated a buy signal .

The above analysis as per Axis Securities indicates an upside of 1080-1130 levels.

Holding period for the stock advised by Axis Securities is 3 to 4 weeks

PNC Infratech

Buy Range for the stock is 410-402 with a Stop loss at 377 and Upside potential of  14% –18%

The Volume activity declined during pattern formation; however, there was an increase in volume at the breakout, indicating heightened market participation.

The stock is holding above key averages of 20, 50, 100, and 200 days Simple Moving Average (SMA), signaling a strong uptrend in the stock.

The weekly strength indicator RSI is in a bullish mode and is holding above its reference line indicating a positive bias

The above analysis indicates an upside of 464-478 levels as per Axis Securities.

Holding period as per Axis Securities is 3 to 4 weeks

Also Read- Budget 2024: Govt focus on Infrastructure, housing for all, to boost demand for cable & wire industry- R R Kabel

Punjab National Bank

Buy Range for the stock is104-102 with a Stop loss at 94 

Upside potential :17%–21%

The stock has already broken above the resistance at 99 on the weekly chart and is expected to confirm this on the monthly chart, indicating a continuation of the uptrend.

It is trending in rising channel formation. Recently stock took a support at lower band of channel and heading towards upper band of channel.

The weekly strength indicator RSI is in a bullish mode and is holding above its reference line indicating a positive bias

The above analysis s as per Axis Securities indicates an upside of 121-125 levels. 

*Holding period for the stock as per Axis Securities is 3 to 4 weeks

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

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Published: 31 Jan 2024, 10:07 AM IST
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