KPIT Tech, Chola Finance, Ashok Leyland, Supreme Ind: Axis Securities see up to 18% rise in these 4 stocks

Domestic brokerage firm Axis Securities has picked four stocks, namely - Ashok Leyland, KPIT Technologies, Supreme Industries and Cholamandalam Investment and Finance - in its weekly report. These stocks are headed for an upside of up to 18 per cent on a technical basis, said the brokerage. Investors can initiate a trade in these counters with a 3-4 weeks' view. Here's what Axis Securities said about these stocks:

Cholamandalam Investment and Finance | Buy | Target Price: Rs 845-885 | Stop Loss: Rs 730 | Upside: 10-15%

Chola Finance on the weekly chart has decisively broken out above the 'falling channel' with strong bullish candle. The stock is holding above 50 per cent Fibonacci retracement of a rally Rs 469-818 which is placed at Rs 644 forming a medium-term support zone. The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal.

KPIT Technologies | Buy | Target Price: Rs 860-900 | Stop Loss: Rs 715 | Upside: 13-18%

KPIT Tech on the weekly chart has decisively broken out above the 'Cup and Handle' pattern above Rs 760 level. 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.

Ashok Leyland | Buy | Target Price: Rs 167-173 | Stop Loss: Rs 143 | Upside: 11-15%

Ashok Leyland on the weekly chart has decisively broken out above the 'consolidation zone' between Rs 152-137 range. The stock is holding above 38 per cent Fibonacci retracement of a rally Rs 493-168 which is placed at Rs 131 forming a medium-term support zone. The weekly strength indicator RSI is holding above its reference line indicates positive momentum.

Supreme Industries | Buy | Target Price: Rs 2,950-3,030| Stop Loss: Rs 2,453 | Upside: 13-16%

Supreme Industries, on the weekly chart, has decisively broken out above the 'Cup and Handle' pattern above Rs 2,600 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 the 50 mark and also above its reference line indicating positive momentum in the stock.

(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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