Stocks to buy this week: Axis Securities recommends three top picks
Based on the technical factors, Axis Securities has suggested three stocks – Aurobindo Pharma Ltd, Anupam Rasayan India Ltd, Aegis Logistics Ltd – that investors can look to buy and hold for the next three to four weeks
On the weekly chart, the Nifty index has formed a 'Doji' candlestick formation indicating indecisiveness amongst market participants regarding the direction, said domestic brokerage firm Axis Securities.
The chart pattern suggests that if Nifty crosses and sustains above 17100 level it would witness buying which would lead the index towards 17250-17500 levels.
For the week, the brokerage expects Nifty to trade in the range of 17500-16500 with a negative bias. However, if the index breaks below 16800 level, it would witness selling which would take the index towards 16700-16500.
On the weekly chart of Bank Nifty, the index has formed a 'Doji' candlestick formation indicating indecisiveness amongst market participants regarding the direction.
For the week, the brokerage expects Bank Nifty to trade in the range of 40000-38800 with a negative bias. However if index breaks below 39250 level, it would witness selling which would take the index towards 39000- 38800.
Axis Securities' weekly top 3 tech picks -
Based on the technical factors, the brokerage has suggested three stocks – Aurobindo Pharma Ltd, Anupam Rasayan India Ltd, Aegis Logistics Ltd – that investors can look to buy and hold for the next three to four weeks.
1) Aurobindo Pharma Ltd: Aurobindo Pharma on the weekly chart has decisively broken out above the medium term 'Falling Channel' at ₹485 with strong bullish candle indicating a positive bias. The brokerage has given a buying range between ₹492-484. The above analysis indicates an upside of 530-545 levels with stop loss at ₹465. Holding period is 3 to 4 weeks.
2) Anupam Rasayan India Ltd: Anupam Rasayan on the weekly chart has decisively broken out above the 'Double Bottom' with strong bullish candle indicating positive bias. Neckline of the break out was placed at ₹825. The brokerage has given a buying range between ₹840-824. The above analysis indicates an upside of 940-970 levels with stop loss at ₹775. Holding period is 3 to 4 weeks.
3) Aegis Logistics Ltd: Aegis Logistics on the weekly chart has decisively broken out above the 'Multi Year Resistance' placed at ₹385 level indicating a strong uptrend. The brokerage has given a buying range between ₹385-378. The above analysis indicates an upside of 440-455 levels with stop loss at ₹352. Holding period 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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