Chennai Petroleum, Zen Tech, Federal Bank: Three stocks to buy for up to 16% upside in 3-4 weeks
Chennai Petroleum, Axis Securities said, has given a a decisive breakout above the three-year “multiple resistance” zone of Rs 1,130-1,110 levels, backed by a strong bullish candle, signalling a sustained uptrend.
- Jun 8, 2026,
- Updated Jun 8, 2026 12:49 PM IST
Axis Securities in its weekly technical note suggested three stocks namely Chennai Petroleum Corporation Ltd (CPCL), ZEN Technologies Ltd and Federal Bank Ltd that may deliver up to 16 per cent potential upside in the next 3-4 weeks. Shares of CPCL gained 2.28 per cent to Rs 1,205.50 and Federal Bank 1.43 per cent to Rs 308.30 following a recent breakout, but ZEN Technologies Ltd declined 1.51 per cent to Rs 1,788.50.
Chennai Petroleum: Target range: Rs 1,285-1,315 In the case of Chennai Petroleum, Axis Securities said the stock has given a a decisive breakout above the three-year “multiple resistance” zone of Rs 1,130-1,110 levels, backed by a strong bullish candle, signalling a sustained uptrend. The breakout on CPCL, Axis Securities said, is supported by a sharp surge in volumes, underscoring strong market participation and conviction behind the move.
"The stock is firmly positioned above its 20-, 50-, 100-, and 200-day SMAs, with all key averages trending higher in alignment with price action, confirming a robust bullish structure. Momentum indicators remain firmly supportive, with the weekly and monthly RSI holding above their respective reference lines, reflecting strengthening bullish momentum and reinforcing the positive outlook," it said.
The brokerage sees the stock moving towards Rs 1,285-1,315 levels in the short term, signalling 13-16 per cent upside. The buy range is suggested as Rs 1,145-1,123 and stop loss at Rs 1,059.
Federal Bank: Target range: Rs 326-334 Federal Bank has delivered a decisive breakout on the weekly chart, above the Cup & Handle pattern at Rs 300, supported by a strong bullish candle, signalling the sustained uptrend. The breakout is accompanied by a notable surge in volumes, indicating strong market participation and validating the strength of the move.
"It has also registered an all-time high of Rs 305 level, which signals bullish sentiment. The daily “Bollinger Band” buy signal indicates increased momentum. Momentum indicators remain firmly supportive, with the weekly RSI holding above its reference line, reflecting strengthening bullish momentum," Axis Securities said.
The brokerage sees an upside towards Rs 326-334 levels, hinting at 8-11 per cent upside.
ZEN Technologies Ltd | Target range: Rs 1,980-2,020 Axis Securiies said ZEN Tech has delivered a decisive breakout above multiple resistance zones around Rs 1,710- 1,700, supported by a strong bullish candle, signalling the short and medium-term trend reversal.
"Huge volumes on this breakout show increased participation," it said adding that the Zen Tech stock continued to form a higher tops and bottoms formation, reinforcing a sustained positive bias.
"The daily and weekly “Bollinger Band” buy signal indicates increased momentum. Additionally, the daily, weekly and monthly RSI sustains above their respective reference lines, which validates the strength in price action and reinforces the positive outlook. The above analysis indicates an upside toward 1,980-2,020 levels. The holding period is 3 to 4 weeks," it said.
Axis Securities in its weekly technical note suggested three stocks namely Chennai Petroleum Corporation Ltd (CPCL), ZEN Technologies Ltd and Federal Bank Ltd that may deliver up to 16 per cent potential upside in the next 3-4 weeks. Shares of CPCL gained 2.28 per cent to Rs 1,205.50 and Federal Bank 1.43 per cent to Rs 308.30 following a recent breakout, but ZEN Technologies Ltd declined 1.51 per cent to Rs 1,788.50.
Chennai Petroleum: Target range: Rs 1,285-1,315 In the case of Chennai Petroleum, Axis Securities said the stock has given a a decisive breakout above the three-year “multiple resistance” zone of Rs 1,130-1,110 levels, backed by a strong bullish candle, signalling a sustained uptrend. The breakout on CPCL, Axis Securities said, is supported by a sharp surge in volumes, underscoring strong market participation and conviction behind the move.
"The stock is firmly positioned above its 20-, 50-, 100-, and 200-day SMAs, with all key averages trending higher in alignment with price action, confirming a robust bullish structure. Momentum indicators remain firmly supportive, with the weekly and monthly RSI holding above their respective reference lines, reflecting strengthening bullish momentum and reinforcing the positive outlook," it said.
The brokerage sees the stock moving towards Rs 1,285-1,315 levels in the short term, signalling 13-16 per cent upside. The buy range is suggested as Rs 1,145-1,123 and stop loss at Rs 1,059.
Federal Bank: Target range: Rs 326-334 Federal Bank has delivered a decisive breakout on the weekly chart, above the Cup & Handle pattern at Rs 300, supported by a strong bullish candle, signalling the sustained uptrend. The breakout is accompanied by a notable surge in volumes, indicating strong market participation and validating the strength of the move.
"It has also registered an all-time high of Rs 305 level, which signals bullish sentiment. The daily “Bollinger Band” buy signal indicates increased momentum. Momentum indicators remain firmly supportive, with the weekly RSI holding above its reference line, reflecting strengthening bullish momentum," Axis Securities said.
The brokerage sees an upside towards Rs 326-334 levels, hinting at 8-11 per cent upside.
ZEN Technologies Ltd | Target range: Rs 1,980-2,020 Axis Securiies said ZEN Tech has delivered a decisive breakout above multiple resistance zones around Rs 1,710- 1,700, supported by a strong bullish candle, signalling the short and medium-term trend reversal.
"Huge volumes on this breakout show increased participation," it said adding that the Zen Tech stock continued to form a higher tops and bottoms formation, reinforcing a sustained positive bias.
"The daily and weekly “Bollinger Band” buy signal indicates increased momentum. Additionally, the daily, weekly and monthly RSI sustains above their respective reference lines, which validates the strength in price action and reinforces the positive outlook. The above analysis indicates an upside toward 1,980-2,020 levels. The holding period is 3 to 4 weeks," it said.