Amid the rising selling pressure in the Indian equity markets, domestic brokerage firm Axis Securities has suggested three stocks- Bharti Airtel Ltd, Chalet Hotels Ltd and Redington Ltd- to bet amid the scarce opportunities to make money. The brokerage has picked the three counters based on their strong technical charts. Here's what the brokerage has to say about these counters:
Bharti Airtel | Buy | Target Price: Rs 1,811-1,875 | Stop Loss: Rs 1,619
Bharti Airtel broke out of the 'symmetrical triangle' pattern at Rs 1,654 on the weekly chart in early February 2025, backed by a strong bullish candle, confirming the continuation of the medium-term uptrend. This week, the stock registered a higher high and higher low compared to the previous week, reinforcing the post breakout rally. The stock is trading above the 38.2 per cent Fibonacci retracement level of the rally from 1219 to 1779, which is positioned at Rs 1,565. This has formed a strong support base. The weekly RSI strength indicator is above its reference line, indicating a positive bias. The above analysis indicates an upside of Rs 1,811-1,875 levels.
Chalet Hotels | Buy | Target Price: Rs 747-785 | Stop Loss: Rs 660
Chalet Hotels holds crucial support at the Rs 670 swing low, established in the first week of June 2024. It has formed a Bullish Engulfing candlestick pattern on the daily chart, signalling a potential trend reversal. Rising volume activity at this support level suggests strong market participation, reinforcing the likelihood of a bounce-back. The daily RSI has crossed above its reference line, generating a buy signal. Additionally, RSI is forming a higher high and higher low pattern. At the same time, the stock continues to make lower highs and lower lows, indicating a positive divergence—a strong sign of a potential reversal. The confluence of bullish signals suggests that buyers are regaining control, increasing the probability of a sharp recovery in the near term. The above analysis indicates an upside of Rs 747-785 levels.
Redington | Buy | Target Price: Rs Rs 255-265 | Stop Loss: Rs 223
Redington is trending within a rising channel and recently found support at the lower band, rebounding toward the upper band, signalling a strong uptrend. The stock has broken above horizontal resistance near 230, backed by a strong bullish candle and rising volumes, confirming the continuation of the uptrend. Additionally, it trades above key short and medium-term moving averages (20, 50 , 100 and 200-day), reinforcing a positive bias and sustained upward momentum. The weekly RSI has crossed above its reference line, generating a buy signal. It also holds above an upward-sloping trendline, further strengthening the bullish outlook. The above analysis indicates an upside of Rs 255-265 levels.