Top picks: Axis Securities suggests HCL Tech, Canara Bank, 2 other stocks to buy this week
2 min read . Updated: 26 Oct 2022, 03:17 PM IST
Premium- For the week, the brokerage expects Nifty to trade in the range of 18100-17000 with mixed bias
On the weekly chart the Nifty index has formed a long Bullish candle forming higher High-low compared to previous week and has closed above previous week's high indicating positive bias, said domestic brokerage and research firm Axis Securities while sharing its top stock picks for the week. It has suggested four stocks that investors can look to buy which are HCL Tech, Canara Bank, Camlin Fine Sciences and Finolex Cables based 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 its respective reference lines indicating positive bias," the note stated.
Axis Securities weekly top stock picks -
HCL Technologies: “On the weekly time frame, the stock has decisively broken out above “double bottom" pattern at 987 level and stock is sustaining above it. On the daily time frame, the stock is in strong up trend forming a series of 21 October, 2022 higher tops and bottoms. The daily and weekly strength indicator RSI is above its reference line indicating positive bias," Axis Securities said while suggesting Buy range of ₹1,015-995 and stop loss of ₹960.
Canara Bank: “The weekly strength indicator relative strength index (RSI) is in bullish mode and sustaining above 50 mark indicating sustained strength. The above analysis indicates an upside of ₹296-308 levels (buy range) with keeping a stop loss of ₹238."
Camlin Fine Sciences: The stock is trading above 20, 50, 100 and 200 SMA indicating positive trend and bullish sentiment on a stock. The daily and weekly strength indicator RSI is in bullish mode and weekly RSI cross above 9EMA which generated a buy signal, as per the brokerage which has suggested a Buy range of ₹136-133 and stop loss of ₹124.
Finolex Cables: “The weekly strength indicator RSI is in positive terrain and sustaining above 9EMA mark indicating positive momentum," as per the brokerage with suggested Buy range of ₹490-482 and stop loss of ₹460.
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