Tata Power Company, BPCL, Siemens shares can deliver 8-17% upside in 3-4 weeks: Axis Securities

Tata Power Company, Bharat Petroleum Corporation Ltd (BPCL) and Siemens Ltd are three stocks that look strong on technical charts and can deliver up to 17 per cent returns over the next three-four weeks, Axis Securities said in its weekly noted. The three stocks have broken out of their consolidation zones and are sending 'Buy' signals, the domestic brokerage said.

Tata Power share price target: Rs 524-545 levels
Tata Power has confirmed a breakout above its consolidation zone between Rs 465 and Rs 373 levels on the weekly chart, signaling a continuation of the medium-term uptrend, Axis Securities said.
The brokerage said Tata Power has closed above the weekly upper Bollinger Band, thereby generating a buy signal. The weekly RSI strength indicator is holding above its reference line, indicating positive bais, it said.

"Additionally, the weekly RSI has broken above the downward-sloping trendline, further confirming the strength in prices. The above analysis indicates an upside towards Rs 524-545 levels," the brokerage said. 

BPCL share price target: Rs 400-417 levels
BPCL has broken out of an eight-week consolidation range between Rs 364 and Rs 324 on the weekly chart, accompanied by a strong bullish candle, suggesting a potential continuation of the uptrend.
The stock is forming a higher high and higher low pattern on the weekly chart while holding above an upward-sloping trendline, indicating a medium-term uptrend, Axis Securities said.

"The stock is trading above its 20, 50, 100, and 200-day SMAs, indicating a strong positive bias. The weekly RSI strength indicator has crossed above its reference line, generating a buy signal. The above analysis indicates an upside towards Rs 400-417 levels," the brokerage said.

Siemens share price target: Rs 7,713-7,885 levels
In the case of Siemens, the stock has broken above the 'Descending Triangle' pattern at Rs 6,975 level on the weekly chart, with a strong bullish candle, signaling a continuation of the
medium-term uptrend. The volume activity on the counter diminished during the pattern formation but an increase in volume at the breakout indicates a surge in market participation, Axis Securities said.

The Siemens stock found support at the 38 per cent Fibonacci retracement level of the rally from Rs 3,246-7,934, positioned at Rs 6,150, confirming a medium-term support base.

The weekly RSI strength indicator also has crossed above its reference line, generating a buy signal. Axis Securities expects the stock to test levels of Rs 7,713-7,885 soon.