Eicher Motors Limited, Sunteck Realty Limited, Shriram Transport Finance Company, and PVR Limited are the top technical stock pick on a weekly basis from Axis Securities. Eicher Motors Limited has a buy at a range of ₹2850 – 2794, Sunteck Realty Limited has a buy at a range of ₹480 – 472, Shriram Transport Finance Company Limited has a buy at a range 1235 – 1211 and PVR Limited has a buy at range 1840 – 1804, Axis Securities said in a report. The brokerage suggests a holding period of 3 to 4 weeks for these four stocks.
Indian stock markets rebounded last week with Sensex and Nifty both rising over 2.5% on a weekly basis after two straight weeks of losses. Analysts say that global trends, crude oil movement and FII behaviour will be key this to watch this week amid monthly derivatives expiry. For this week, For the week, Axis expect Nifty to trade in the range of 16200-15400 with mixed bias. If Nifty crosses and sustains above 15800 level it would witness buying which would lead the index towards 15900-16200 levels, the brokerage said.
However if the index breaks below 15600 level it would witness selling which would take the index towards 15400-15200, Axis Securities added.
Here are 4 stock picks from Axis Securities
CMP: 1845; Buy Range: 1840-1804; Stop loss: 1735; potential upside: 6% –9%
“On the weekly chart, PVR Limited has confirmed higher tops and bottoms formation indicating bullish trend. In addition to this , it has also broken out three months “down-sloping” trend line breakout at 1800 levels. This breakout is accompanied with rising volumes indicating increased participation. The stock is sustaining above its 20, 50, 100 and 200 day SMA which reconfirm bullish sentiments,” Axis Securities said in a note.
Shriram Transport Finance Company Limited
CMP: 1245; Buy Range: 1235-1211; Stop loss: 1159; potential upside: 8% – 13%
“On the daily chart, Shriram Transport Finance Company Limited has confirmed “symmetrical triangle” breakout around 1230 levels on a closing basis. The stock has recaptured its 20, 50, 100 and 200 day SMA’s and sustaining above the same which reconfirm bullish sentiments. Rising volumes at breakout zone indicates increased participation. The daily “band Bollinger” buy signal shows increased momentum. The daily and weekly strength indicator RSI continue to remain bullish which signals sustained and rising strength,” Axis Securities said.
Sunteck Realty Limited
CMP: 483; Buy Range: 480-472; Stop loss: 454; Potential Upside: 7% – 11%
“On the daily chart, Sunteck Realty Limited has observed five months “down-sloping trend line” breakout at 475 levels indicating trend reversal. This buying momentum was accompanied with huge volumes indicating increased participation at breakout level. The stock is also well placed above 20, 50, 100 and 200 day SMA which reconfirm bullish trend,” the brokerage said.
Eicher Motors Limited
CMP – 2870, Buy Range – 2850-2794, Stop loss – 2700; Upside potential – 6-12%
“On the weekly chart, the Eicher Motors Limited has witnessed “down sloping channel” breakout around 2800 levels and sustaining above the same. This breakout is accompanied with huge volumes indicating increased participation. The stock is well placed above its 20, 50 , 100 and 200 SMA which reconfirmed bullish trend,” Axis Securities said.