Domestic brokerage firm Axis Securities has picked four stocks, namely - CreditAccess Grameen, Cyient, Poly Medicure and Lumax Auto Technologies- in its weekly report. These stocks are headed for an upside of up to 20 per cent on a technical basis, said the brokerage. Investors can initiate a trade in these counters with a view of a month, the analysts said in its report. Here's what Axis Securities said about these stocks:
CreditAccess Grameen Ltd | Target Price: Rs 1,100 -1,125 | Stop Loss: Rs 910 | Upside Potential: 12-15% CreditAccess Grameen Ltd on the weekly chart has decisively broken out above the 'downward sloping trendline' at Rs 965 level indicating a positive bias. The stock holds above 50 per cent Fibonacci Retracement of a rally from Rs 495-1,154 placed at Rs 825 forming a medium-term support zone. The stock is well placed above 20, 50, 100 and 200 daily SMA indicating positive momentum. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 1,100 -1,125 levels. Holding period for the trade is 3 to 4 weeks.
Poly Medicure Ltd | Target Price: Rs 1,070 -1,110 | Stop Loss: Rs 884 | Upside Potential: 13-17% Poly Medicure Ltd on the weekly chart has decisively broken out above the 'falling channel' at Rs 898 with strong bullish candle. The stock holds above 50 per cent Fibonacci Retracement of a rally from Rs 651-1,045 placed at Rs 850 forming a medium-term support zone. The stock on a daily chart had closed above upper Bollinger band which generated a buy signal. The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 1,070 -1,110 levels. Holding period for the trade is 3 to 4 weeks.
Lumax Auto Technologies | Target Price: Rs 288-303 | Stop Loss: Rs 235 | Upside Potential: 14-20% Lumax Auto Tech Ltd on the weekly chart has decisively broken out above the 'downward sloping trendline' at Rs 243 level indicating a positive bias. The breakout is accompanied with an increase in volume confirming participation at breakout 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 in bullish mode and weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 288 -303 levels. Holding period for the trade is 3 to 4 weeks.
Cyient Ltd | Target Price: Rs 1,050-1,085 | Stop Loss: Rs 885 | Upside Potential: 12-15% Cyient Ltd on the weekly chart has decisively broken out above the 'consolidation zone' between Rs 955-724 levels. The stock is moving in a rising channel after forming a bottom at Rs 724. Recently, it took support at the lower band of the channel and is heading towards the upper band. The stock is well placed above 20, 50, 100 and 200 daily SMA indicating positive momentum. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 1,050-1,085 levels. Holding period for the trade is 3 to 4 weeks.
(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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