Navin Fluorine, Union Bank & AB Capital among 5 stocks that may rise in near term

Domestic brokerage firms Axis Securities and ICICIDirect Research have picked up five stocks, namely- Navin Fluorine International, JB Chemicals & Pharmaceuticals, Union Bank of India, Mahindra Holidays & Resorts India and Aditya Birla Capital. The brokerages believe that the technical patterns and parameters for these stocks are sound and they are poised for a strong upside in the next few weeks. Here's what they said about these counters:

Navin Fluorine International | Buy | Target Price: Rs 4,785-4,930 | Stop Loss: Rs 4,320
Navin Fluorine on the weekly chart has decisively broken out above the 'cup and handle' pattern with a strong bullish candle indicating positive bias. Neckline of the same was placed at Rs 4,400. The breakout is accompanied with an increase in volume confirming participation at the breakout level. The stock holding above the medium-term upwards sloping trendline is in place from October 2021. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 4,785-4,930 levels.
Recommended by: Axis Securities

Aditya Birla Capital | Buy | Target Price: Rs 176 | Stop Loss: Rs 154
The share price of AB Capital has witnessed a breakout above the last four-month consolidation range (Rs 162-133) signaling the resumption of up move and fresh entry opportunity. The stock has seen forming a higher base at the 100 days EMA which has acted as strong support and buying opportunity in the last 9 months. Current breakout is supported by a strong volume of almost double of the 200-day average volume of 33 lakhs share per day. We expect the stock to maintain a positive bias and head towards Rs 176 levels being the 138.2% external retracement of the last four months' consolidation range (Rs 162-133). Among the oscillators, the daily MACD is in an uptrend sustaining above its nine periods average thus validating positive bias.
Recommended by: ICICIDirect Research

Mahindra Holidays & Resorts India | Buy | Target Price: Rs 315-335 | Stop Loss: Rs 273
Mahindra Holidays on the weekly chart has decisively broken out above the 'symmetrical triangular' pattern between at Rs 287. The breakout is accompanied with an increase in volume confirming participation at breakout level. The stock is well placed above 20, 50, 100 and 200 daily SMA indicating positive momentum. The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 315-335 levels.
Recommended by: Axis Securities

Union Bank of India | Buy | Target Price: Rs : 76.70 | Stop Loss: Rs 67
Within the PSU Banking stocks, we remain constructive on Union Bank as it has generated a breakout above a falling supply line joining highs of December 2022 (Rs 96) & March 2023 (Rs 75) signaling the resumption of up move and offering fresh entry opportunity. Buying demand is seen emerging after a base at the crucial support area of Rs 61-63 being the confluence of the 200-day EMA (currently placed at Rs 63 and the 61.8 per cent retracement of the Oct-Dec 2022 rally (Rs 43-96). We expect the stock to head towards Rs 77 levels in the coming weeks. Among the oscillators the daily 14 periods, RSI is in uptrend and is seen rebounding taking support at its nine periods average thus supporting the positive bias in the stock.
Recommended by: ICICIDirect Research

JB Chemicals & Pharmaceuticals | Buy | Target Price: Rs 2,427-2,485 | Stop Loss: Rs 1,980
JB Chemicals on the weekly chart has decisively broken out above the medium-term 'falling channel' at Rs 2,040 with a strong bullish candle indicating positive bias. The breakout is accompanied with an increase in volume confirming participation at the breakout level. The stock holds above 38 per cent Fibonacci Retracement of a rally from Rs 1,342-2,150 placed at Rs 1,843 forming a medium-term support zone. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 2,427-2,485 levels.
Recommended by: Axis Securities


(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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