Apollo Hospitals, BHEL, RBL Bank & Redington are Axis Securities' 4 top trading picks for 3-4 weeks

Axis Securities is positive on four stocks namely Apollo Hospitals, BHEL, RBL Bank and Redington India. Some of these stocks have given strong breakouts either on the daily or weekly scale. Axis Securities sees these stocks delivering strong returns over the next 3-4 weeks.

Apollo Hospitals Enterprise| Target Rs 199-210

On the weekly time frame the Apollo Hospitals Enterprise has decisively broken above its downward sloping trendline. The breakout is accompanied with an increase in volume, confirming participation at breakout level. Apollo Hospitals stock is well placed above 20-, 50-, 100- and 200-day moving averages, indicating positive momentum. The weekly strength indicator RSI is holding above a reading of 50-mark and its reference line indicates positive momentum. The price analysis indicates an upside towards Rs 5,220-5,350 levels. The holding period is 3 to 4 weeks.

BHEL | Target Rs 90-99

BHEL on the weekly time frame has decisively broken out above its multiple resistance zone, which was placed between 80 and Rs 78 levels. The stock broke out with a strong bullish candle, indicating a positive trend. The breakout is accompanied with increase in volume, confirming participation at the breakout level. The daily and weekly strength indicator RSI is in bullish mode and weekly RSI holding above its reference line, which indicate positive momentum. The price analysis indicates an upside towards Rs 90-99 levels. The holding period is 3 to 4 weeks.

RBL Bank | Target Rs 169-Rs 176 level

RBL Bank, on the daily time frame, has decisively broken out above the “multiple resistance zone” placed at Rs 148-143 levels. The stock is also respecting the upward sloping trendline and forming a higher high-low on daily chart. This formation indicates a positive uptrend. The daily Bollinger Band has generated a buy signal as the stock closed above the upper Bollinger Band. • The daily strength indicator RSI is in bullish mode and daily RSI cross above its reference line which had generated a buy signal. • The price analysis indicates an upside towards Rs 169-176 levels. The holding period is 3 to 4 weeks.

Redington India | Target Rs 199-210

Redington, on the weekly chart has decisively broken out above the “multiple resistance zone” placed at Rs 172-164 level.

The weekly “Bollinger band” generated a buy signal as stock closed above the upper Bollinger Band. The stock is well placed above 20-, 50-, 100- and  200-day moving averages,  indicating positive momentum.. The weekly strength indicator RSI is holding above a reading of 50-mark and its reference line indicates positive momentum. The price analysis indicates an upside towards Rs 199-210 levels. The holding period is 3 to 4 weeks.

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