ITC, Max Health, Chennai Petro, Oil India: Axis Securities' top 4 picks may rise up to 16% rise in 3-4 weeks

Domestic brokerage firm Axis Securities has picked four stocks, namely- ITC, Max Healthcare Institute, Chennai Petroleum and Oil India- in its weekly report. These stocks are headed for an upside of up to 16 per cent on a technical basis, said the brokerage. Investors can initiate trade in these counters with a 3-4 weeks view. Here's what Axis Securities said about these stocks:

ITC | Buy | Target Price: Rs 370-385| Stop Loss: Rs 325 | Upside Potential: 9%-13%
ITC on the weekly chart has decisively broken out above the 'falling channel' with strong bullish candle. Stock is holding above 38 per cent Fibonacci retracement of a rally Rs 249-361 which is placed at Rs 318 forming a medium-term support zone.  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.

Max Healthcare Institute | Buy | Target Price: Rs 503-521 | Stop Loss: Rs 425 | Upside Potential: 12%-16%
Max Health on the daily chart has decisively broken out above the 'symmetrical triangular' pattern. The breakout is accompanied with an increase in volume confirming participation at breakout level. Stock is well placed above 20, 50, 100 and 200 key averages indicating positive momentum. The weekly strength indicator RSI is holding above a reading of 50 mark and its reference line indicates positive momentum.

Chennai Petroleum Corporation | Buy | Target Price: Rs 268-277| Stop Loss: Rs 223 | Upside Potential: 9%-13%
Chennai Petroleum on the weekly chart has decisively broken out above the 'consolidation zone' between 234-188. Stock has broken above medium term downward sloping trendline on 13 January 2023. The breakout is accompanied with an increase in volume confirming participation at breakout level. The weekly strength indicator RSI is holding above its reference line indicates positive momentum.

Oil India | Buy | Target Price: Rs 251-262| Stop Loss: Rs 216 | Upside Potential: 10%-15%
Oil India on the weekly chart has decisively broken out above the 'consolidation zone' placed between Rs 220-170. Stock is holding above 50 per cent Fibonacci retracement of a rally Rs 63-306 which is placed at Rs 183 forming a medium-term support zone. Stock is well placed above 20, 50, 100 and 200 key averages indicating positive momentum. The weekly strength indicator RSI is holding above its reference line indicates positive momentum

(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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