Dabur India & two other stocks among Ashika Stock Broking's techno-funda picks

Domestic brokerage firm Ashika Stock Broking has picked three stocks- Dabur India Ltd, Automotive Axles Ltd and Expleo Solutions Ltd- as its techno-funda picks for the near term amid the market volatility. The brokerage believes that these stocks may deliver decent profits in the near-term. Here's what the brokerage said about these three counters:

Dabur India | Buy | Target Price: Rs 580
Dabur India has seen a healthy retracement in the last three months It is currently seen rebounding after a base at the 2022 low. The share price of Dabur has been consolidating after taking support at 38.2 per cent retracement which also coincided with multi-year low, signaling resumption of up move and fresh entry opportunity. In this process if the stock is able to sustain above the crucial level of 490-490 then it might result in a classical bullish ’double bottom’ formation. Among the oscillators the weekly RSI is witnessing signs of divergence indicating limited downside here on, thus validates positive bias. Volume too had been supportive indicating accumulation at current levels. Going ahead one can expect the stock to resume its up move and head higher towards 580 levels in the coming month being the 23.8 per cent retracement of the entire rally since 2016.

Automotive Axles | Buy | Target Price: Rs 2,600
The share price of Auto Axles has rebounded after taking support at 200-day EMA, also coinciding with multi year breakout area of 2018, signaling resumption of up move and fresh entry opportunity. Over past weeks stock has retraced just 38.2 per cent of preceding rally (335-2686), at Rs 1,770. Slower pace of retracement and higher base formation indicates that stock has undergone a healthy consolidation and set the stage to resolve higher in coming sessions. Among oscillators, the daily 14 periods RSI is seen sustaining above its nine periods average indicating strength. Going ahead one can expect the stock to resolve higher and head towards Rs 2,600 levels in coming sessions.

Expleo Solutions | Buy | Target Price: Rs 1,900
Expleo Solutions has formed a higher base at the 200-week EMA, the said level has proved to be a crucial trend deciding level for the stock historically and for multiple number of times the stock has witnessed adjacent to the said level highlighting inherent strength. Structurally the stock has retraced 38.2 per cent of the entire rally since April 2020. A shallow retracement signals a robust price structure and a higher base formation. Present consolidation in prices is backed by raising volume indicating continuance of positive momentum. Thereby offering a fresh entry opportunity to ride the next leg of up move. Hence one can expect the stock to accelerate upward momentum and head towards Rs 1,900.