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Published on 16/03/2020 11:09:49 AM | Source: Axis Securities Ltd

Technical Weekly Picks : Apollo Hospitals Enterprise, Asian Paints, Hindustan Unilever, NIIT Technologies - Axis Securities

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Apollo Hospitals Enterprise Limited

Technical Rationale

* The stock has continues to trend higher in a multi-month “Up-Sloping Channel” indicating sustained uptrend.

* Daily strength indicator RSI and momentum oscillator stochastic are still showing signs of a pullback, hence any pullback should be used as a buying opportunity

* Stock price has bounced from a major consolidation rang 1350-1450 levels indicating buying at lower levels.

* The stock did open below the 200-day MA however recovered sharply on Friday, indicating good comeback by the bulls.

* Long lower wick on the weekly chart indicates good participation by the bulls at the lower levels further confirming our bullish thesis.

Buy Apollo Hospitals Enterprise Limited @ 1480-1500 SL 1400 CMP 1518

 

Asian Paints Limited

Technical Rationale

* On the daily chart stock price has bounced from a key support zone of 1670-1680 levels (prior low of Nov, 19) which remains a positive sign.

* Volume at lower levels indicate good buying by the bulls further adding to our bullish thesis.

* The weekly strength indicator RSI and momentum oscillator stochastic indicate that any pullback should be used as a buying opportunity.

* Stock price is sustaining well above its 200 day SMA which supports bullish sentiments ahead.

Buy Asian Paints Limited @1780-1760 SL 1700 CMP 1796

 

Hindustan Unilever Limited

Technical Rationale

* The stock has continues to trend higher in a multi-month “Up-Sloping Channel” indicating sustained uptrend.

* Daily strength indicator RSI and momentum oscillator stochastic are still showing signs of a pullback, hence any pullback should be used as a buying opportunity

* Stock price has bounced from a major consolidation range 1900-1920 levels indicating buying at lower levels.

* The stock did breach below the 200- day MA but recovered sharply on Friday indicating good comeback by the bulls.

* Long lower wick on the weekly chart indicates good participation by the bulls at the lower levels further confirming our bullish thesis.

Buy Hindustan Unilever Limited @2030-2010 SL 1900 CMP 2045

 

NIIT Technologies Limited

Technical Rationale

* On the daily chart stock price has bounced from a key support zone of 1350-1360 levels (resistance levels of 2019)

* On the weekly chart, stock manage hold its earlier breakout levels of 1360 -1350 levels on closing basis which remains a positive sign

* On the monthly chart , the long term trend is still intact as stock continue to move in series of higher Top and higher Bottom formation

* Volume at lower levels indicate good buying by the bulls further adding to our bullish thesis. * The weekly strength indicator RSI that any pullback should be used as a buying opportunity whereas stochastic indicator is about to give a bullish crossover.

Buy NIIT Technologies Limited @ 1400-1380 SL 1350 CMP 1412

 

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