Top picks: Axis Securities suggests DLF, APL Apollo, NCC to buy for this week
2 min read . Updated: 20 Mar 2023, 11:53 AM IST
Premium- Based on the technical factors, the brokerage has suggested three stocks – DLF, APL Apollo, NCC – that investors can look to buy and hold for the next three to four weeks
On the weekly chart, Nifty has formed a bearish candle with lower shadow indicating support at lower levels. The chart pattern suggests that if the index crosses and sustains above 17200 level, it would witness buying which would lead the index towards 17350- 17500 levels, said domestic brokerage and research firm Axis Securities.
The brokerage expects Nifty to trade in the range of 17500-16700 with a negative bias. However, if the index breaks below 17000 level it would witness selling which would take the index towards 16850- 16700, it said.
On the weekly chart of Bank Nifty, Axis Securities said the index has formed a bearish candle forming lower high-low compared to previous week and has closed below its low indicating weakness at current levels.
For the week, the brokerage expects Bank Nifty to trade in the range of 40200-39000 with a negative bias. However, if the index breaks below 39400 level, it would witness selling which would take the index towards 39200- 39000.
Axis Securities' weekly 3 stock picks:
Based on the technical factors, the brokerage has suggested three stocks – DLF, APL Apollo, NCC – that investors can look to buy and hold for the next three to four weeks.
1) DLF Ltd - DLF on the weekly chart has decisively broken out above the “Consolidation zone " between 370-342 levels with strong bullish candle indicating a positive bias. The brokerage has given a buying range between ₹370-364. The above analysis indicates an upside of 400-413 levels with stop loss at ₹350. Holding period is 3 to 4 weeks.
2) APL Apollo Tubes Ltd - APL Apollo on the weekly chart has decisively broken out above the “Consolidation zone" between 1200- 1000 levels in mid of February 2023. It retested the breakout area and is expected to continue a uptrend. The brokerage has given a buying range between ₹1250-1226. The above analysis indicates an upside of 1390-1440 levels with stop loss at ₹1160. Holding period is 3 to 4 weeks.
3) NCC Ltd - NCC on the weekly chart has decisively broken out above the “Multi Year Resistance" placed at 100 level indicating a strong uptrend. The brokerage has given a buying range between ₹100-97. The above analysis indicates an upside of 115 -120 levels with stop loss at ₹90. Holding period is 3 to 4 weeks.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.