Domestic brokerage firms including Axis Securities and ICICI Securities believe that select stocks including Aurobindo Pharma, Anupam Rasayan, Aegis Logistics and Indraprastha Gas can deliver up to 20 per cent return in the near term, if one trades them on either side. Technical charts of these stocks appear strong to deliver a strong upside in the near-term. Here’s what analysts suggest about these stocks:
Aurobindo Pharma | Buy | Target Price: Rs 530-545 | Stop Loss: Rs 465 | Upside: 9-12%
Aurobindo Pharma on the weekly chart has decisively broken out above the medium-term ‘falling channel’ at Rs 485 with a strong bullish candle indicating a positive bias. 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 holding above its reference line indicating positive momentum RSI. The above analysis indicates an upside of Rs 530-545 levels.
Recommended by: Axis Securities
Anupam Rasayan | Buy | Target Price: Rs 940-970 | Stop Loss: Rs 775 | Upside: 13-17%
Anupama Rasayan on the weekly chart has decisively broken out above the ‘double bottom’ with a strong bullish candle indicating positive bias. The neckline of the breakout was placed at Rs 825. The breakout is accompanied by an increase in volume confirming participation at the breakout level. The stock had also broken above the medium-term downward sloping trendline which is in place since the start of January 2022. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 940-970 levels.
Recommended by: Axis Securities
Aegis Logistics | Buy | Target Price: Rs 440-455 | Stop Loss: Rs 352 | Upside: 15-19%
Aegis Logistics on the weekly chart has decisively broken out above the ‘multi-year resistance’ placed at Rs 385 level indicating a strong uptrend. The stock is trading in a medium-term rising channel. It took support at the lower band and it is heading towards the upper band of a channel. The stock is forming a higher high-low 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 440-455 levels
Recommended by: Axis Securities
Indraprastha Gas | Buy | Target Price: Rs 480 | Stop Loss: Rs 419 | Upside: 11%
Indraprastha Gas has generated a breakout above a triangular consolidation over the last three months. The stock has already taken 13 weeks to retrace just 61.8 per cent of its preceding eight weeks up move (Rs 365-452). A shallow retracement signals a higher base formation. The base of the recent consolidation is placed at 50 days EMA signaling strength and a positive price structure. We expect the stock to maintain positive bias and head towards Rs 480 levels in the coming weeks being the 138.2 per cent of the external retracement of the last decline Rs 452-390. Among the oscillators the daily 14 periods RSI has generated a buy signal moving above its nine periods average thus supports positive bias.
Recommended by: ICICIDirect Research
(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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