Syngene International on the weekly chart has decisively broken out the 'symmetrical triangle' pattern on a weekly closing basis around Rs 635 levels. Domestic brokerage firm Axis Securities has picked four stocks, namely - Syngene International, Hindustan Aeronautics (HAL), Hindustan Oil Exploration and Oracle Financial Service Software (OFSS) - in its weekly report. These stocks are headed for an upside of up to 21 per cent on a technical basis, said the brokerage. Investors can initiate a trade in these counters on a positional basis, with a view of 3-4 weeks, the analysts said in its report. Here's what Axis Securities said about these stocks:Syngene International | Buy | Target Price: Rs 737-760 | Stop Loss: 620 | Upside: 12-15%
Syngene International on the weekly chart has decisively broken out the 'symmetrical triangle' pattern on a weekly closing basis around Rs 635 levels. This breakout was also accompanied by huge volumes indicating a strong comeback of bulls. The weekly 'band Bollinger' buy signals reconfirm increased momentum. The stock is well placed above its 20, 50,100 and 200 day SMA which confirms bullish sentiments. The daily, weekly and monthly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 737-760 levels.
Hindustan Oil Exploration | Buy | Target Price: Rs 182-191 | Stop Loss: 145 | Upside: 16-21%
On the weekly chart, Hindustan Oil has decisively broken out above the 'falling channel' around Rs 150 level. The breakout is accompanied by an increase in volume confirming participation at the 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 the weekly RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 182-191 levels.
Oracle Financial Services Software | Buy | Target Price: Rs 3,640-3,810 | Stop Loss: 3,380 | Upside: 5-10%
OFSS on the weekly chart has decisively broken out above the 'consolidation' indicating positive bias. The breakout is accompanied by an increase in volume confirming participation at the breakout level. The stock is forming a higher top higher bottom formation on the weekly chart. This formation indicates a positive uptrend. 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 3,640-3,810 levels.Hindustan Aeronautics | Buy | Target Price: Rs 3,150-3,250 | Stop Loss: 2,760 | Upside: 9-12%
HAL on the weekly chart has decisively broken out above the 'cup and handle' pattern above Rs 2,880 level. The breakout is accompanied by an increase in volume confirming participation at the breakout level. The stock is in a strong uptrend forming a series of higher tops and bottoms across all the time frames reconfirming bullish sentiments. 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 3,150-3,250 levels.
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