Domestic brokerage firm Axis Securities said that on the weekly chart, the Nifty index has formed a ‘Doji’ candlestick formation, indicating indecision about the direction among market participants.
The chart pattern suggests that if Nifty crosses 17100 level and sustains, there will be buying which will take the index towards 17250-17500 levels.
For the week, the brokerage expects Nifty to trade in the range of 17500-16500 with a negative bias. However, if the index breaks below 16800 levels, there will be selling which will take the index towards 16700-16500.
On the weekly chart of Bank Nifty, the index has formed a ‘Doji’ candlestick formation which indicates indecision among the market participants regarding the direction.
For the week, the brokerage expects Bank Nifty to trade in the range of 40000-38800 with a negative bias. However, if the index breaks below 39250 level, there will be selling which will take the index towards 39000- 38800.
Weekly Top 3 Tech Picks of Axis Securities –
Based on technical factors, the brokerage has suggested three stocks — Aurobindo Pharma Ltd, Anupam Rasayan India Ltd, Aegis Logistics Ltd — that investors can buy and hold for next three to four weeks.
1) Aurobindo Pharma Ltd.: Aurobindo Pharma has decisively broken above a medium-term ‘Falling Channel’ on the weekly chart Indicating a positive bias with the 485 strong bullish candle. The brokerage has given a buying range between 492–484. Above analysis shows bullishness towards 530-545 level with stop loss 465. The holding period is 3 to 4 weeks.
2) Anupam Rasayan India Limited: Anupam Chemicals has decisively broken above the ‘Double Bottom’ on the weekly chart with a strong Bullish candle indicating a positive bias. was placed on the neckline of the break out 825. The brokerage has given a buying limit between 840–824. The above analysis indicates a bullish move towards 940-970 levels with Stop Loss 775. The holding period is 3 to 4 weeks.
3) Aegis Logistics Limited: Aegis Logistics decisively breaks above ‘multi-year resistance’ level on the weekly chart The 385 level is giving a strong bullish signal. The brokerage has given a buying range between 385–378. The above analysis indicates a bullish move with stops at 440-455 levels 352. The holding period is 3 to 4 weeks.
disclaimer, The views and recommendations given above are those of individual analysts or broking companies and not of o2help. We advise investors to do due diligence with certified experts before taking any investment decision,
