Bata, Raymond, Carborundum & Godrej CP: Axis Securities' top 4 picks that can rally up to 18% in a month

Domestic brokerage firm Axis Securities has picked up four stocks, namely- Carborundum Universal, Godrej Consumer Products (Godrej CP), Raymond and Bata India - 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 of up to 18 per cent in the next one month. Here's what Axis Securities said about these stocks:

Carborundum Universal | Buy | Target Price: Rs 1,570-1,613 | Stop Loss: Rs 965 | Upside: 13-18%

Carborundum Universal on the weekly chart has decisively broken out above the 'multiple resistance zone' placed between Rs 1035-1045 levels. The breakout is accompanied with an increase in volume confirming participation at breakout level. The stock is trading in a rising channel since June 2022. Recently it took support at the lower band of the channel and is heading towards the upper band. The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 1,160-1,215 levels.

Godrej Consumer Products | Buy | Target Price: Rs 1,044-1,085 | Stop Loss: Rs 942 | Upside: 7-11%

Godrej CP on the weekly chart has decisively broken out above the 'cup and handle' pattern with a strong bullish candle indicating a positive bias. Neckline of the same was placed at Rs 977. The breakout is accompanied by an increase in volume confirming participation at breakout level. The stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 1,044-1,085 levels.

Raymond | Buy | Target Price: Rs 1,613-1,655 | Stop Loss: Rs 1,303 | Upside: 15-18%

Raymond on the weekly chart has decisively broken out above the medium-term 'falling channel' at Rs 1,400 with strong bullish candle indicating positive bias. The stock holds above 38 per cent Fibonacci Retracement of a rally from Rs 737-1,644 placed at Rs 1,189 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 weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 1,613-1,655 levels.

Bata India | Buy | Target Price: Rs 1,570-1,613 | Stop Loss: Rs 1,385 | Upside: 9-12%

Bata India on the weekly chart has decisively broken out above the medium-term 'falling channel' at Rs 1,435 with a strong bullish candle indicating a positive bias. The breakout is accompanied by an increase in volume confirming participation at breakout level The stock also breaks above consolidation zone between Rs 1,442-1,380 after forming major support around Rs 1,380 level. The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 1,570-1,613 levels.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)

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