Top picks: 3 stocks to buy this week as recommended by Axis Securities

The chart pattern suggests that if Nifty crosses and sustains above 17500 level it would witness buying which would lead the index towards 17600- 17800 levels, said domestic brokerage and research firm Axis Securities which expects Nifty to trade in the range of 17800-16900 with mixed bias.

"However if the index breaks below 17250 level it would witness selling which would take the index towards 17000-16900," the brokerage said.

On Bank Nifty, Axis Securities said, "The chart pattern suggests that if Bank Nifty crosses and sustains above 40700 level it would witness buying which would lead the index towards 40800-41000 levels."

The brokerage expects Bank Nifty to trade in the range of 41000-39800 with mixed bias. "However if index breaks below 40350 level it would witness selling which would take the index towards 40100- 39800," it said.

Axis Securities' weekly 3 stock picks -

1) Petronet LNG Ltd: Petronet on the weekly chart has decisively broken out above the “Symmetrical triangle” at 230 level with strong bullish candle indicating a positive bias, the note stated. The above analysis indicates an upside of 250-257 levels with stop loss at ₹220. Holding period is 3 to 4 weeks.

2) Hindustan Aeronautics Ltd: HAL on the weekly chart has decisively broken out above the “Rounded Bottom” pattern at 2825 level. The stock is forming a higher high-low on rhe weekly chart. This formation indicates a positive uptrend. The above analysis indicates an upside of 3005-3085 levels with stop loss at ₹2655. Holding period is 3 to 4 weeks.

3) Sterling & Wilson Renewable Energy Ltd: SWSOLAR on the weekly chart has decisively broken out above the “Falling Channel” pattern at 305 level indicating a positive bias. The stock holds above 61.8% Fibonacci Retracement of a rally from 70-509 placed at 239 forming a medium term support zone. The above analysis indicates an upside of 362-377 levels with stop loss at ₹299. Holding period is 3 to 4 weeks.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.