India Cements, Whirlpool, NCL Industries, Shankara Building: 4 top stock picks by Axis Securities

The domestic stock market will resume trade on Wednesday after remaining closed on account of Independence Day. On Monday, the BSE barometer Sensex gained 79.27 points, or 0.12 per cent, to settle at 65,401.92. The NSE's Nifty was up 6.25 points, 0.03 per cent, at 19,434.5, thanks to a sharp recovery that helped erase entire intraday losses at close.

Select stocks such as The India Cements, NCL Industries, Shankara Building Products and Whirlpool of India could be in limelight today. Here is what Axis Securities to say on these stocks ahead of Wednesday's trading session:

The India Cements | Buy | Target Price: Rs 282-295 | Stop Loss: Rs 227 |
On the weekly chart, India Cements has decisively broken above the significant 'Cup and Handle' pattern, surpassing the Rs 237 level. During the pattern formation, volumes dried up but there was a noticeable influx of participation at the breakout level. The stock is exhibiting a higher high-low formation on the weekly chart, which suggests the presence of positive momentum. The weekly Bollinger band generated a ‘buy’ signal, as the stock closed above the upper Bollinger Band. The weekly strength indicator RSI is given a crossover above its reference line and generated a ‘buy’ signal. The analysis indicates an upside of Rs 282-295 levels.

NCL Industries | Buy | Target Price: Rs 245-255 | Stop Loss: Rs 204 |
On the weekly chart, NCL Industries has demonstrated a convincing breakout of a significant consolidation zone spanning Rs 212-156 levels, affirming a favorable bias. During the consolidation, the volume dried up but there was a noticeable influx of participation at the breakout,. The stock has formed a medium-term support and rebounded from the Rs 150 mark, representing a 50 per cent Fibonacci retracement of the rally from Rs 53 to Rs 305 levels. The weekly strength indicator RSI has given a crossover above its reference line and generated a buy signal. The above analysis indicates an upside towards Rs 245-255 levels.

Shankara Building Products | Buy | Target Price: Rs 900-940 | Stop Loss: Rs 738 |
On the weekly chart, Shankara has breached above a medium-term downward sloping trendline at Rs 780, signaling a shift towards a positive bias. Furthermore, its breakout above the Rs 780 level also validates the formation of a cup and handle pattern, further reinforcing the positive outlook. During the pattern formation phase, the stock experienced a decrease in volume, but at the breakout, there was a notable surge in volume. The weekly strength indicator RSI is given a crossover above its reference line generating a buy signal. The above analysis indicates an upside of Rs 900-940 levels

Whirlpool of India | Buy | Target Price: Rs 1,665-1,700 | Stop Loss: Rs 1,445 |
On the weekly chart, Whirlpool has effectively penetrated the significant multiple resistance zone, exceeding the pivotal level of Rs 1,500, thereby suggesting a favorable bias. Moreover, its breakthrough above Rs 1,450 includes the breach of a medium-term downward sloping trendline, adding to the positive sentiment. The stock has exceeded the critical levels of 20-, 50-, 100-, and 200-daily simple moving averages, underlining its strong bullish momentum The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 1,655-1,700 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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