L&T, Vedanta, Sobha, Apollo Tubes: Axis Securities see an up to 17% rise in these stocks in a month

By admin On Jan 23, 2023

Domestic brokerage firm Axis Securities has picked four stocks, namely- APL Apollo Tubes, Larsen & Toubro, Vedanta and Sobha- in its weekly report. These stocks are headed for an upside of up to 17 per cent on a technical basis, said the brokerage. Investors can initiate trade in these counters with a 3-4 weeks view. Here’s what Axis Securities said about these stocks:

APL Apollo Tubes | Target Price: Rs 1,345-1,390 | Stop Loss: Rs 1,110 | Upside Potential: 13-17%
The stock is in strong uptrend forming a series of higher tops and bottoms on the daily and weekly time indicating positive bias. The stock is well placed above its key averages 20-, 50-, 100- and 200-day SMA’s and sustaining above the same which reconfirms bullish sentiments. On the daily chart, the stock has confirmed ’rounding bottom’ formation which denotes continuation of prior uptrend. The daily and weekly strength indicator RSI is above its reference line indicating positive bias.

Sobha | Target Price: Rs 670-690 | Stop Loss: 578 | Upside Potential: 10-13%
On the daily time frame the stock has confirmed ‘multiple resistance’ zone at Rs 600 levels. This breakout is accompanied with huge volumes which signals increased participation. The stock is well placed above 20- and 50-day SMA’s which reconfirms bullish trend. The daily band Bollinger buy signal indicates increased momentum. The daily and weekly strength indicator RSI is in bullish mode and sustaining above 50 mark indicating sustained strength.

Vedanta | Target Price: Rs 360-377 | Stop Loss: 310 | Upside Potential: 10-15%
On the weekly chart, the stock has confirmed ‘multiple resistance’ zone breakout at Rs 326 levels. This breakout is accompanied with rising volume indicating increased participation. The stock is trading above 20, 50, 100 and 200 SMA indicating positive trend and bullish sentiment on a stock. The daily, weekly and monthly strength indicator RSI is in bullish mode and weekly RSI cross above EMA which generated a buy signal.

Larsen & Toubro | Target Price: Rs2,395-2,460 | Stop Loss: 2,130 | Upside Potential: 8-11%
The stock is in strong uptrend across all the time frames forming a series of higher tops and bottoms indicating bullish sentiments. On the weekly chart, the stock has confirmed ‘multiple resistance’ zone of Rs 2,200 levels. This breakout is accompanied with rising volume indicating increased participation. The stock is well placed above its 20,50,100 and 200 Day SMA’s which reconfirm bullish sentiments. The daily, weekly and monthly strength indicator RSI is in positive terrain and sustaining above 9EMA mark indicating positive momentum.

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