DLF, L&T Finance, eClerx & Mahindra Holidays shares among Axis Securities' short-term picks

Domestic brokerage firm Axis Securities has picked up four stocks, namely- DLF, L&T Finance Holdings, Eclerx Services, Mahindra Holidays & Resorts India- in its weekly report,. The technical analysts at the brokerage believe that the chart patterns and other parameters for these stocks are sound and they are poised for a strong upside of up to 18 per cent in next 3-4 weeks. Here's what Axis Securities said about these stocks:Eclerx Services | Buy Range: Rs 2,140-2,098 | Target Price: Rs 2,390-2,480 | Stop Loss: Rs 1,980 Eclerx has demonstrated a robust breakout from a medium-term 'rounded-bottom' pattern at the Rs 1,970 level on the weekly chart with a strong bullish candle indicating positive bias. Increased volume activity at breakout levels suggests a significant influx of participant engagement, indicating a notable development. The stock is establishing a pattern of higher high-low on the weekly chart forming an upward sloping trendline. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 2,390-2,480 levelsMahindra Holidays & Resorts India | Buy Range: Rs 432-424 | Target Price: Rs 480-495 | Stop Loss: Rs 402 On the weekly chart, MHRIL has successfully broken out above a 'consolidation zone' ranging from Rs 420-390, accompanied by a sizable bullish candle, which signifies the continuation of uptrend. The stock, currently trading within a rising channel, found support at the lower band and is now trending towards the upper band, indicating a bullish momentum. The stock has established a medium-term support level at Rs 359, which corresponds to a 38 per cent Fibonacci retracement from the price range of Rs 256-422. The weekly strength indicator RSI is moving upwards and is above its reference line indicating positive bias. The above analysis indicates an upside of Rs 480-495 levels.DLF | Buy Range: Rs 545-535 | Target Price: Rs 570-595 | Stop Loss: Rs 525 On the daily chart, DLF has successfully broken out above a 'consolidation zone' ranging from Rs 543- 514. The stock broke above the horizontal resistance at 517 in the first week of September 2023, forming a base around this level. According to the principle of polarity, the previous resistance at 517 is expected to act as a support going forward. The stock found short-term support at Rs 514, corresponding to a 38 per cent Fibonacci retracement from the price range of Rs 453-544. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 570-595 levels.L&T Finance Holdings | Buy Range: Rs 137-134 | Target Price: Rs 153-160 | Stop Loss: Rs 127 On the daily chart, L&TFH has successfully broken out above a 'consolidation zone' ranging from Rs 136- 117. The volume activity during the pattern formation period declined, but it surged at the breakout, reaffirming the positive bias in the stock trend. The stock is well-placed above key moving averages of 20, 50, 100, and 200 days, daily SMA, indicating positive momentum in the stock.. The weekly strength strength indicator RSI is moving upwards and is above its reference line indicating positive bias. The above analysis indicates an upside of Rs 153-160 levels.Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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