BackTop picks for this week: Axis Securities suggests these 4 stocks to buy
For the week, Axis Securities expect Nifty to trade in the range of 18,700-17,500 with mixed bias
PremiumThe chart pattern suggests that if Nifty index crosses and sustains above 18,300 crosses and sustains above 18,300 level it would witness buying which would lead the index towards 18,500-18,700 levels, as per domestic brokerage and research firm Axis Securities.
“However if index breaks below 18,000 level it would witness profit booking towards 17,800-17,500. For the week, we expect Nifty to trade in the range of 18,700-17,500 with mixed bias. The weekly strength indicator relative strength index (RSI) is above its respective reference lines indicating positive bias," the note stated.
The brokerage house shared four stocks as its top picks for the week, based on the technical factors, which are Ambuja Cements, Bajaj Finserv, Canara Bank, and Tata Steel.
Axis Securities' top stock picks -
Ambuja Cement: “On the weekly timeframe, Ambuja Cement has decisively broken out above “pennant" pattern. This breakout is accompanied with rising volume, which normally dried up during ‘pennant’ pattern formation. The above analysis indicates an upside of ₹600-620 levels with stop loss of ₹519."
Bajaj Finserv: “The daily and weekly strength indicator RSI is in bullish mode and weekly RSI cross above 9EMA which generated a buy signal. The above analysis indicates upside of ₹1950-2000 levels with stop loss of ₹1660."
Canara Bank: “On the weekly time frame the stock has decisively broken out above “multiple resistance" zone. The stock is well placed above its 20,50,100 and 200 Day SMA’s which reconfirm bullish sentiments. The weekly strength indicator RSI is in positive terrain and sustaining above 9EMA as well as 50 mark indicating positive momentum. The above analysis indicates upside of ₹324-330 levels with stop loss of ₹275."
Tata Steel: “On the weekly time frame the stock has decisively broken out above “Downward sloping trendline" which was place at 102 level. short term bottom. The breakout is accompanied with increase in volume confirming participation at breakout level. The above analysis indicates upside of ₹112 -15 levels with stop loss of ₹96."
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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