BackTop picks: 4 stocks to buy this week as recommended by Axis Securities
Axis Securities expects Nifty to trade in the range of 18,500-17,300 with mixed bias for the week
PremiumThe chart pattern suggests that if Nifty crosses and sustains above 18,000 level it would witness buying which level it would witness buying which would lead the index towards 18,300-18,500 levels, said domestic brokerage and research firm Axis Securities which expects Nifty to trade in the range of 18,500-17,300 with mixed bias for the week.
“However if the index breaks below 17700 level it would witness selling which would take the index towards 17500-17300. The weekly strength indicator RSI continues to remain flat indicating absence of strength. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible up move in the near term," it said.
Axis Securities' weekly 4 stock picks -
ABB India: “ABB on the weekly chart has decisively broken out above the “Falling channel" with strong bullish candle. term support zone. Stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend. The above analysis indicates an upside of 3330 - 3450 levels with stop loss of ₹2,940," the note stated.
Mrs. Bectors Food Specialties: “BECTORFOOD on the weekly chart has decisively broken out above the “Horizontal Resistance" above 460 level. The breakout is accompanied with an increase in volume confirming participation at breakout level. The above analysis indicates an upside of 3310 - 3385 levels with stop loss of ₹2695."
Gujarat Fluorochemicals Ltd: “FLUOROCHEM on the weekly chart has decisively broken out above the “Falling Channel" formation indicating positive bias. Stock is holding above medium term horizontal support zone around 2400, which will act as medium term support zone. The above analysis indicates an upside of 3310 - 3385 levels with stop loss of ₹2695."
Carborundum Universal Ltd: “CARBORUNIV on the weekly chart has decisively broken out above the “Cup and Handle" pattern above 960 level. The breakout was witness in a last week. The breakout is accompanied with an increase in volume confirming participation at breakout level. The above analysis indicates an upside of 1075 -1120 levels with stop loss of ₹925."
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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