HDFC, RK Forgings, DLF & HG Infra: Axis Securities' 4 picks that can rally up to 18% in a month
HDFC on the weekly chart has decisively broken out above the medium term 'downward sloping trendline' placed at Rs 2,700 with strong bullish candle indicating a positive bias.
- Apr 10, 2023,
- Updated Apr 10, 2023 2:06 PM IST
Domestic brokerage firm Axis Securities has picked up four stocks, namely- HDFC, Ramkrishna Forgings, DLF and HG Infra Engineering- in its weekly report. The brokerage believes that the technical patterns and parameters for these stocks are sound and they are poised for a strong upside in the next one month. Here's what Axis Securities said about these stocks:HDFC | Buy | Target Price: Rs 2,820-2,885 | Stop Loss: Rs 2,612 | Upside: 8%
HDFC on the weekly chart has decisively broken out above the medium-term 'downward sloping trendline' placed at Rs 2,700 with a strong bullish candle indicating a positive bias. The stock holds above 50 per cent Fibonacci Retracement of a rally from 2026-2780 placed at 2498 forming a medium-term support zone. The stock had also broken out above the 'consolidation zone' between 2,725-2,700 indicating positive bias. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of 2,820-2,885 levels.
Ramkrishna Forgings | Buy | Target Price: Rs 340-355 | Stop Loss: Rs 280 | Upside: 13-18%
RK Forgings on the weekly chart has decisively broken out above the 'consolidation zone' between 290-245 with a strong bullish candle indicating a positive bias. The breakout is accompanied by an increase in volume confirming participation at the breakout level. The stock is trading in a medium-term rising channel. It took support at the lower band of the channel and is now heading toward the upper band. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of 340-355 levels.
DLF | Buy | Target Price: Rs 406-417 | Stop Loss: Rs 355 | Upside: 9-12%
DLF on the weekly chart has decisively broken out above the 'consolidation zone' between Rs 380-342 with a strong bullish candle indicating positive bias. The stock holds above 50 per cent Fibonacci Retracement of a rally from Rs 295-418 placed at Rs 342 forming a medium-term support zone. The stock is well placed above 20, 50, 100 and 200 daily SMA indicating positive momentum. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 406-417 levels.
HG Infra Engineering | Buy | Target Price: Rs 940-965 | Stop Loss: Rs 785 | Upside: 12-15%
HG Infra on the weekly chart has decisively broken out above the 'multiple resistance zone' between Rs 830-825 with a strong bullish candle indicating a positive bias. The stock is trading in a medium-term rising channel. It took support at the lower band of the channel this week and is now heading toward the upper band. The stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 940-965 levels.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)
Also read: Adani Group issues clarification on FT's 'inaccurate' report; stocks climb
Also read: Infosys, TCS and HDFC Bank shares in focus ahead of Q4 results this week. Here are analyst previews
Domestic brokerage firm Axis Securities has picked up four stocks, namely- HDFC, Ramkrishna Forgings, DLF and HG Infra Engineering- in its weekly report. The brokerage believes that the technical patterns and parameters for these stocks are sound and they are poised for a strong upside in the next one month. Here's what Axis Securities said about these stocks:HDFC | Buy | Target Price: Rs 2,820-2,885 | Stop Loss: Rs 2,612 | Upside: 8%
HDFC on the weekly chart has decisively broken out above the medium-term 'downward sloping trendline' placed at Rs 2,700 with a strong bullish candle indicating a positive bias. The stock holds above 50 per cent Fibonacci Retracement of a rally from 2026-2780 placed at 2498 forming a medium-term support zone. The stock had also broken out above the 'consolidation zone' between 2,725-2,700 indicating positive bias. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of 2,820-2,885 levels.
Ramkrishna Forgings | Buy | Target Price: Rs 340-355 | Stop Loss: Rs 280 | Upside: 13-18%
RK Forgings on the weekly chart has decisively broken out above the 'consolidation zone' between 290-245 with a strong bullish candle indicating a positive bias. The breakout is accompanied by an increase in volume confirming participation at the breakout level. The stock is trading in a medium-term rising channel. It took support at the lower band of the channel and is now heading toward the upper band. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of 340-355 levels.
DLF | Buy | Target Price: Rs 406-417 | Stop Loss: Rs 355 | Upside: 9-12%
DLF on the weekly chart has decisively broken out above the 'consolidation zone' between Rs 380-342 with a strong bullish candle indicating positive bias. The stock holds above 50 per cent Fibonacci Retracement of a rally from Rs 295-418 placed at Rs 342 forming a medium-term support zone. The stock is well placed above 20, 50, 100 and 200 daily SMA indicating positive momentum. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 406-417 levels.
HG Infra Engineering | Buy | Target Price: Rs 940-965 | Stop Loss: Rs 785 | Upside: 12-15%
HG Infra on the weekly chart has decisively broken out above the 'multiple resistance zone' between Rs 830-825 with a strong bullish candle indicating a positive bias. The stock is trading in a medium-term rising channel. It took support at the lower band of the channel this week and is now heading toward the upper band. The stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 940-965 levels.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)
Also read: Adani Group issues clarification on FT's 'inaccurate' report; stocks climb
Also read: Infosys, TCS and HDFC Bank shares in focus ahead of Q4 results this week. Here are analyst previews