Brokerage firm Axis Securities has suggested three stocks to make up to 18 per cent returns in the near term. The domestic broker has picked Krishna Institute of Medical Sciences Ltd (KIMS), CESC Ltd and Bharat Petroleum Corporation Ltd (BPCL) as its preferred weekly picks for next 3-4 weeks, purely on technical basis. Here's what the brokerage has to say about these counters:
Krishna Institute of Medical Sciences | Buy | Target Price: Rs 2,587-2,700 | Stop Loss: Rs 2,300
KIMS has broken out above the 'rounded bottom' pattern at Rs 2,356 on the weekly chart, indicating a continuation of its medium-term uptrend. The stock is forming higher highs and higher lows on the weekly chart and holding above the upward-sloping trendline, indicating a positive bias. It is positioned above key short and medium-term moving averages of 20, 50, 100, and 200 days, indicating a positive bias. The Weekly RSI strength indicator is holding above its reference line indicating positive bias. The above analysis indicates an upside of Rs 2,587-2,700 levels
CESC | Buy | Target Price: Rs 209-216 | Stop Loss: Rs 170
CESC is trending within a medium-term rising channel, recently finding support at the lower band and now advancing towards the upper band, indicating a continued uptrend. The stock has confirmed a breakout above the small descending triangle pattern at Rs 180 levels within a rising channel on the weekly chart, indicating the continuation of the medium-term uptrend. The stock took support at the 38 per cent Fibonacci retracement level of a rally from Rs 122-193 positioned at Rs 166 confirming a medium-term support base. The Weekly RSI strength indicator's crossover above its reference line has generated a buy signal. The above analysis indicates an upside of Rs 209-216 levels.
Bharat Petroleum Corporation | Buy | Target Price: Rs 373-385 | Stop Loss: Rs 330
BPCL has demonstrated a breakout above the consolidation zone pattern between Rs 330-273 in early August 2024 at Rs 330 on the weekly chart, signaling the onset of an uptrend. The stock experienced a 'throwback' around the breakout area and bounced back sharply, indicating a continuation of the post-breakout uptrend. It 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 bias. The above analysis indicates an upside of Rs 373-385 levels.