Sun Pharma, M&M, RBL Bank & Godawari Power: These are Axis Securities' top 4 picks that can jump up to 20% in a month

Domestic brokerage firm Axis Securities has picked up four stocks, namely- Sun Pharmaceuticals, Mahindra & Mahindra (M&M), RBL Bank and Godawari Power and Ispat - 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:

Sun Pharmaceuticals | Buy | Target Price: Rs 1,120-1,158 | Stop Loss: Rs 985 | Upside: 9-12%

On the weekly chart, Sun Pharma has decisively broken out above the significant 'down-sloping channel' pattern, surpassing the Rs 1,030 level. This breakout is supported by an increase in volume, suggesting active participation at the breakout level. On the weekly timeframe, now the stock has witnessed trend reversal forming a series of higher tops and higher bottom formation. The daily and weekly 'bollinger band' generated buy signal as stock closed above the upper Bollinger Bollinger Band. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 1,120-1,158 levels.

Mahindra & Mahindra | Buy | Target Price: Rs 1,590-1,630 | Stop Loss: Rs 1,365 | Upside: 10-13%

On the weekly chart, M&M has convincingly broken out above the notable 'horizontal consolidation' (Rs 1,400-1,100) surpassing the Rs 1,400 level, indicating a positive bias. During the consolidation period, the trading volume exhibited a noticeable decline. At the point of breakout, there was a significant surge in volume, suggesting a renewed influx of market participants. The daily, weekly and monthly strength indicator RSI is in bullish mode and RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 1,590-1,630 levels.

Godawari Power and Ispat | Buy | Target Price: Rs 565-585 | Stop Loss: Rs 460 | Upside: 14-18%

Godawari Power on the weekly chart has successfully breached the prominent 'horizontal channel' pattern, surpassing the key level of Rs 485, thus indicating a favorable bias. This indicates a favorable bias. This breakout is accompanied with huge volumes indicating increased participation The stock has decisively surpassed key daily moving averages of 20, 50, 100, and 200, signaling a positive bias. The stock is exhibiting a higher high-low formation on the weekly chart, which suggests the presence of positive momentum. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 565-585 levels

RBL Bank | Buy | Target Price: Rs 206-213 | Stop Loss: Rs 164 | Upside: 16-20%

RBL Bank, on the daily chart, has successfully breached the prominent 'flag' a continuation pattern, surpassing the key level of 175 levels. Recently, the stock has retraced up to 38.2 percent Fibonacci support zone (Rs 164) and rebounded sharply. The stock has decisively surpassed key daily moving averages of 20, 50, 100, and 200, signaling a positive bias. The stock is exhibiting a higher high-low formation on the daily chart, which suggests the presence of positive momentum. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 206-213 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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