NTPC Ltd, Tata Steel Ltd and Global Health Ltd are three stocks that Axis Securties believes can deliver 10-15 per cent returns over the next three to four weeks. Both NTPC and Tata Steel have broken out of a Falling Channel on the weekly charts, while Global Health (Medanta) has surpassed a multiple resistance zone at Rs 1,200 on the same, the brokerage said.
In the case of NTPC, the stock has broken out of a Falling Channel on the weekly chart, surpassing Rs 315 level. Axis Securities said it is a pattern in formation since NTPC's October 2024 all-time high.
"The breakout is reinforced by a strong bullish candle and rising volumes, confirming the resumption of an uptrend. The stock is now trading above the 38.2 per cent Fibonacci retracement level of its rally from Rs 73 to Rs 448, positioned at Rs 304, establishing a solid support base, it said.
This, it said, also aligns with a horizontal support zone near Rs 295, further strengthening the bullish outlook. The weekly RSI for NTPC has also crossed above its reference line, generating a buy signal. NTPC also holds above an upward-sloping trendline, further strengthening the bullish outlook, Axis Securities said while it suggested a target of Rs 351-365 for the PSU stock. Axis Securities suggested a buy range of Rs 320-314 and a stop loss of Rs 300.
In the case of Tata Steel, the Tata group stock has broken out of a Falling Channel at Rs 136 and surpassed the swing high of Rs 139 on the daily chart, confirming the onset of an uptrend, Axis Securities said.
The brokerage said that the breakout on the steel maker is supported by a surge in volume activity, indicating strong market participation. Additionally, the stock is forming higher high-lows while holding above an upward-sloping trendline from its recent low, reinforcing a positive bias.
"With the stock maintaining its structure above key breakout levels, further upside potential remains intact. The daily RSI strength indicator is above its reference line, indicating a positive bias," Axis Securities said. The broking firm suggested a target of Rs 150-155 levels, a buy range of Rs 138-135 and a stop loss at Rs 130.
Meanwhile, Global Health (Medanta) surpassed the multiple resistance zone at around Rs 1,200 on the weekly chart, backed by a strong bullish candle, confirming the continuation of its medium-term uptrend.
"Rising volumes at this breakout level indicate strong market participation, reinforcing the potential for further upside. Additionally, the stock is trading above key short- and medium-term moving averages (20-, 50-, 100-, and 200-day), strengthening its positive bias and sustained momentum," Axis Securities said.
The broking firm suggested a target of Rs 1,305-1,355, buy range Rs 1,200-1,176 and stop loss Rs 1,130.
"Moreover, a close above the weekly upper Bollinger Band has generated a buy signal, further supporting the bullish outlook. The weekly RSI strength indicator is above its reference line, indicating a positive bias," it said.