Weekly Tech Picks - Eicher Motors Ltd, Hindalco Industries Ltd, Fertilizers and Chemicals Travancore Ltd, Narayana Hrudayalaya Ltd By Axis Securities
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Eicher Motors Limited
* On the daily chart, the stock has observed trend reversal as it has confirmed “W” pattern on a closing basis
* This breakout is accompanied with rising volumes indicating increased participation at lower levels
* The stock is well placed above its 20 and 50 day SMA which supports bullish sentiments
* The daily and weekly strength indicator RSI and the momentum indicator Stochastic both are in bullish mode which supports rising strength as well as momentum.
* The above analysis indicate an upside of 2720-2760 levels
* Holding period is 3 to 4 weeks.
Buy Eicher Motors Limited Buy Range: 2588-2538 CMP 2588 Upside: 6%-8% Stop loss: 2470
Hindalco Industries Limited
* On the daily chart, the stock has decisively broken out its three months “Inverse Head & Shoulder ” pattern on a closing basis
* This breakout is accompanied with huge volumes indicating increased participation
* On the daily chart, the stock has confirmed higher tops and higher bottoms formation indicating up trend
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength in near term
* The above analysis indicate an upside of 490-510 levels
* Holding period is 3 to 4 weeks.
Buy Hindalco Industries Limited Buy Range: : 470-462 CMP 475 Upside: 5% – 9% Stop loss: 455
Fertilizers and Chemicals Travancore Limited
* On the weekly chart, the stock has witnessed down-sloping “trend line” breakout at 126 levels indicating trend reversal
* Rising volumes at breakout zone implies increased participation at breakout zone
* On the weekly chart, the stock is in up trend forming a series of higher tops and bottoms
* The stock is sustaining above its 20, 50 and 100 as well 200 Day SMA which reconfirms bullish sentiments ahead.
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength.
* The above analysis indicate a downside of 145-152 levels.
Buy Fertilizers and Chemicals Travancore Limited Buy Range: 128-125 CMP 133 Upside: 15% –20% Stop loss: 114
Narayana Hrudayalaya Ltd.
* With current close the stock has confirmed the “consolidation range” breakout on a closing basis
* On the weekly chart, the stock is trending higher forming a series of higher tops and bottoms
* Rising volumes at breakout zone implies increased participation 31 December,2021
* The stock is sustaining above its 20, 50 and 100 as well 200 Day SMA which reconfirms bullish sentiments ahead.
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength.
* The above analysis indicate downside of 700-730 levels.
Buy Narayana Hrudayalaya Limited Buy Range:650-638 CMP 651 Upside: 9% – 13% Stop loss: 615
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