Weekly Tech Picks - Infosys Ltd, Astec LifeSciences Ltd, IndusInd Bank Ltd, Housing Development Finance Corporation Ltd By Axis Securities
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Infosys Ltd
* On the weekly chart, the stock has decisively broken out its five months consolidation formation on a closing basis
* This breakout is accompanied with huge volumes indicating increased participation on rally
* The stock was observed from its 20, 50 and 100 Day SMA support zone which reconfirm 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 1885-1925 levels
* Holding period is 3 to 4 weeks.
Buy Infosys Limited Buy Range: 1800-1764 CMP 1823 Upside: 6%-8% Stop loss: 1720
Astec LifeSciences Limited
* With current week’s close, the stock has decisively broken out its six months “Consolidation Range” (1470- 1230) on a closing basis
* This breakout is accompanied with huge volumes indicating increased participation
* On the weekly chart, the stock has confirmed higher tops and higher bottoms formation
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports strength in near term
* The above analysis indicate an upside of 1600-1685 levels
* Holding period is 3 to 4 weeks.
Buy Astec LifeSciences Limited Buy Range: 1480-1450 CMP 1500 Upside: 9% – 15% Stop loss: 1395
IndusInd Bank
* On the daily chart, the stock has witnessed sharp selloff from its “multiple resistance zone” of 970 levels
* Rising volumes at breakout zone implies increased participation
* On the weekly chart, the stock is in down trend forming a series of lower tops and bottoms
* The stock is sustaining below its 20, 50 and 100 as well 200 Day SMA which reconfirms bearish sentiments ahead.
* The daily and weekly strength indicator RSI is in bearish mode along with negative crossover which supports rising weakness.
* The above analysis indicate a downside of 850-825 levels.
Sell IndusInd Bank Limited Sell Range: 900-918 CMP 888 Upside: 6% –9% Stop loss: 932
Housing Development Finance Corporation Limited
* Since Nov’21, the stock is in down trend, forming lower tops and bottoms
* With current close, the stock has violated its five months “multiple support zone” (2670) on a closing basis
* Rising volumes at breakdown zone implies increased participation
* The stock is sustaining below its 20, 50 and 100 as well 200 Day SMA which reconfirms bearish sentiments ahead.
* The daily and weekly strength indicator RSI is in bearish mode along with negative crossover which supports rising weakness.
* The above analysis indicate downside of 2560-2500 levels.
Sell Housing Development Finance Corporation Limited Sell Range: 2640-2690 CMP 2630 Upside: 4% – 6% Stop loss: 2715
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