Nifty has produced a bearish candle with a lower shadow on the weekly chart, signaling support at lower levels. Axis Securities, a domestic brokerage and research organization, stated that the chart pattern indicates that if the index crosses the 17200 levels and maintains them, buying will occur, driving the index towards the 17350–17500 levels.
The firm anticipates that Nifty will trade with a downward bias between 17500 and 16700. But, there will be selling if the index dips below the 17000 mark, sending it in the direction of 16850–16700.
According to Axis Securities, the Bank Nifty index created a bearish candle on its weekly chart with a lower high-low than the previous week and finished at its lower levels, signaling weakness at the current levels.
The brokerage anticipates Bank Nifty to trade with a negative bias in the band of 40200-39000 for the week. But, selling will occur if the index dips below the 39400 level, sending it in the direction of 39200–39000.
Axis Securities’ Weekly 3 Stock Picks:
The brokerage has recommended three companies for investors to purchase and hold for the next three to four weeks based on technical aspects: DLF, APL Apollo, and NCC.
1) DLF Limited – Strong bullish candles on the weekly chart show a favorable bias, and DLF has clearly broken above the “Consolidation Zone” between 370-342 levels. A buy limit of between 370 and 364 has been set by the brokerage. The research shown above predicts a bullish advance with stops at levels 400–413 and 350. Three to four weeks are spent in holding.
2) APL Apollo Tubes Limited – APL Apollo has clearly surpassed the “Consolidation Zone” of mid-February 2023 between the 1200-1000 levels on the weekly chart. It retested the breakout zone and is anticipated to keep moving upward. A buy limit between 1250 and 1226 has been set by the brokerage. The analysis above indicates bullishness between 1390 and 1440 with a stop loss of 1160. Three to four weeks are spent in holding.
3) NCC Limited – NCC has clearly surpassed the “multi-year resistance” at the 100 level on the weekly chart, signaling a strong rally. A buy limit of between 100 and 97 has been set by the brokerage. With a stop loss of 90, the analysis above indicates bullishness at a range of 115 to 120. Three to four weeks are spent in holding.
disclaimer, The views and recommendations given above are of individual analysts or broking companies and not of o2help,
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