Domestic brokerage firm Axis Securities has picked up four stocks, namely- Macrotech Developers, Globus Spirits, Dhampur Sugar Mills and Zomato - in its weekly report. The brokerage believes that the technical patterns and parameters for these stocks are sound and they are poised for a strong upside in the next one month. Here's what Axis Securities said about these stocks:Dhampur Sugar Mills | Buy | Target Price: Rs 313-327 | Stop Loss: Rs 250 | Dhampur Sugar, on the weekly chart, has decisively broken out above the 'consolidation zone' between Rs 272-200 levels. During the consolidation period, the trading volume exhibited a noticeable decline. However, at the point of breakout, there was a significant surge in volume, suggesting a renewed influx of market participants. The stock holds above 61.8 per cent Fibonacci Retracement of a rally from Rs 55-491 placed at Rs 221 forming a medium-term support zone. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 313-327 levels.Globus Spirits | Buy | Target Price: Rs 1,340-1,370 | Stop Loss: Rs 1,082 Globus Spirits, on the weekly chart, has decisively broken out above the medium-term 'rounded bottom' pattern at Rs 1,120 with a strong bullish candle indicating positive momentum. The weekly 'Bollinger Band' generated a buy signal as the stock closed above the upper Bollinger Band. It has found support at the 61.8 per cent Fibonacci Retracement level, calculated from the rally between Rs 60 and 1,747 and placed at Rs 704. This level acts as a significant medium-term support zone, indicating an upward movement. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 1,340-1,370 levels.
Watch: MRF share price hits Rs 1,00,000, the first Indian stock to reach the milestone. MRF rallies 900% in 11 years; should you buy, hold or sell?Macrotech Developers | Buy | Target Price: Rs 655-685 | Stop Loss: Rs 535 Macrotech Developers has broken out above the medium-term 'falling channel' pattern at Rs 548 on the weekly chart. The strong bullish candle confirms an uptrend, reflecting positive momentum in the stock. The stock is forming a higher high-low formation on a weekly chart indicating positive momentum. The weekly strength indicator RSI is in bullish mode and the RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 655-685 levels.Zomato | Buy | Target Price: Rs 83-90 | Stop Loss: Rs 69 On the weekly chart, Zomato has formed a 'double bottom' pattern and successfully broken above its neckline at the Rs 75 level. This breakout indicates a positive trend in the stock's price, presenting an opportunity for potential upward movement. The stock is well placed above 20, 50 and 100 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 83-90 levels.(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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