Domestic brokerage and research firm Axis Securities, while sharing its top stock picks for the week, said that the Nifty index on the weekly chart has formed a long bullish candle forming higher high-lows than the previous week’s highs and last week’s highs. above is closed. , It has suggested four stocks that investors can buy which are HCL Tech, Canara Bank, Camlin Fine Sciences and Finolex Cables, depending on the technical factors.
“For the week, we expect Nifty to trade in the range of 18100-17000 with mixed bias. The weekly strength indicator RSI is above their respective reference lines indicating a positive bias,” the note said.
Axis Securities Weekly top stock picks ,
HCL Technology: “On the weekly time frame, the stock has decisively broken above the “double bottom” pattern at 987 levels and the stock remains above it. On the daily time frame, the stock has a strong trend to form a series of October 21, 2022 is in higher top and bottom. The daily and weekly strength indicator RSI is above its reference line indicating a positive bias,” Axis Securities said suggesting a buy range 1,015-995 and stop loss 960.
Canara Bank: “Weekly Strength Indicator Relative Strength Index (RSI) is in a bullish mode and remains above the 50 mark indicating continued strength. The above analysis indicates an upward trend 296-308 Levels (Buy Range) with Stop Loss placed 238.”
Camlin Fine Sciences: The stock is trading above the 20, 50, 100 and 200 SMA which indicates a positive trend and bullish sentiment on a stock. Daily and Weekly Strength Indicator RSI is in bullish mode and weekly RSI is above 9EMA, which has generated a buy signal as per the brokerage, which has suggested a buy range. 136-133 and stop loss 124.
Finolex Cables: “Weekly Strength Indicator RSI is in positive territory and remains above the 9EMA mark, indicating positive momentum,” with a suggested buy range as per the brokerage. 490-482 and stop loss 460.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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