On the weekly chart, the Nifty index has formed a long Bullish candle forming a higher high-low compared to last week and has closed above last week’s high, indicating a positive bias, the domestic brokerage and research firm said Axis Securities, as he shared his top stock picks for the week. It has suggested four stocks for investors to buy, namely HCL Tech, Canara Bank, Camlin Fine Sciences and Finolex Cables based on the technical factors.
“For the week, we expect Nifty to trade in the 18100-17000 range with mixed bias. The weekly strength indicator RSI is above the respective reference lines, indicating a positive bias,” the note said.
Axis Securities Weekly Top Stock Picks –
HCL Technologies: “On the weekly timeframe, the stock has broken firmly above the “double bottom” pattern at the 987 level and the stock is holding above that. On the daily timeframe, the stock is in a strong uptrend forming a series 21 Higher highs and lows in October 2022. The daily and weekly strength indicator RSI is above its reference line, indicating a positive bias,” said Axis Securities, targeting a buy range of ₹1.015-995 and stop loss of ₹960 suggested.
Canara Bank: “The Relative Strength Index (RSI) of the Weekly Strength Indicator is in bullish mode and is holding above 50 indicating continued strength. The above analysis points to a rise from ₹296-308 levels (buy range) with a stop loss of ₹238.”
Camlin Fine Sciences: The stock is trading above 20, 50, 100 and 200 SMA, indicating a positive trend and bullish sentiment on a stock. The daily and weekly strength indicator RSI is in bullish mode and the weekly RSI crosses above 9EMA generating a buy signal, according to the brokerage which has suggested a buy range of ₹136-133 and stop loss of ₹124.
Finolex Cables: “The weekly strength indicator RSI is in positive territory and is holding above the 9EMA mark, indicating positive momentum,” according to the brokerage with a recommended buy range of ₹490-482 and stop loss of ₹460 .
The views and recommendations made above are those of individual analysts or brokerage firms, not Mint.
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