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Published on 18/07/2021 12:09:42 PM | Source: Axis Securities Ltd

Weekly Tech Picks - Prestige Estates Projects Ltd, Bata India Ltd, Orient Electric Ltd, Lupin Ltd - Axis Securities

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Prestige Estates Projects Limited

* On the weekly chart, the stock has witnessed “Consolidation Range” (320-260) breakout around 320 levels which signals resumption of the uptrend

* Huge volumes on the breakout , signals increased participation near breakout zone

* The stock is strong uptrend as it is Prestige Estates Projects Limited Weekly Tech Picks 16 July, 2021 continue to form a series of higher Tops and higher Bottom formation across all the time frames

* The stock is also well placed above its 20, 50 and 100 Day SMA which reconfirm bullish trend

* The daily and weekly strength indicator RSI is placed above 50 mark which supports rising strength. The above analysis indicate an upside of 358-380 levels.

* Holding period is 3 to 4 weeks.

Buy Prestige Estates Projects Limited Buy Range: 325-319 CMP:329 Upside: 11% -18% Stop loss: 300

 

Bata India Limited

* On the weekly chart, the stock has bounced back from its 38.2% Fibonacci Retracement support of 1561 levels indicating strong comeback of bulls

* This buying momentum also emerged from its 50-day SMA support zone which reconfirm bullish sentiments

* Rising volumes around multiple support 16 July, 2021 zone signals increased participation on correction

* The stock is well placed above its 20, 50 and 100 day SMA which supports bullish sentiment

* The daily and weekly strength indicator RSI is in bullish mode which supports rising strength as well as momentum.The above analysis indicate an upside of 1685-1730 levels

* Holding period is 3 to 4 weeks.

Buy Bata India Limited Buy Range: 1618-1586 CMP:1618 Upside: 5%-8% Stop loss: 1618

 

Orient Electric Limited​​​​​​​

* With current close, the stock has broken out its “Cup & Handle” pattern at 332 levels on a closing basis along with rising volumes.

* On the daily and weekly chart, the stock continue to scale upward forming higher Top and higher Bottom formation indicating sustained uptrend

* This buying momentum was observed from its 20-day SMA support zone (312) which remains a crucial level to watch for

* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength

* The above analysis indicate an upside of 350-365 levels

* Holding period is 3 to 4 weeks.

Buy Orient Electric Limited Buy Range: 329-323 CMP:334 Upside: 7% – 12% Stop loss: 334

 

Lupin Limited​​​​​​​

* Since past five consecutive weeks, the stock manage to sustain above its earlier breakout zone of 1120-1130 levels

* With current weekly close, the stock has surpassed its previous three weeks high’s which signals increased strength

* On the daily chart, the stock is well 16 July, 2021 placed above 20-day and 200-day SMA which supports bullish sentiments

* On the weekly chart, the stock continue to scale upward forming higher Tops and Bottoms.

* The weekly momentum indicator Stochastic has turned bullish along with positive crossover which supports increased momentum

* The above analysis indicate an upside of 1230-1270 levels

Buy Lupin Limited Buy Range: 1175-1153 CMP:1178 Upside: 6% – 9% Stop loss: 1132

 

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