Weekly Tech Picks - Jindal Stainless Hisar Ltd, Intellect Design Arena Ltd, Gujarat Industries Power Company Ltd, Laxmi Organic Industries Ltd - Axis Securities
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Jindal Stainless (Hisar) Limited
* On the daily chart, the stock has bounced from an uptrend support line and has also broken out from a long term “Consolidation Range” (220-230) 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 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 in overbought zone which supports rising strength. The above analysis indicate an upside of 310-320 levels.
* Holding period is 3 to 4 weeks
Buy Jindal Stainless (Hisar) Limited Buy Range: 270-265 CMP:272 Upside: 15% -20% Stop loss: 250
Intellect Design Arena Limited
* On the daily chart, the stock has broken out from a “Consolidation Range” of (700–800) which signals that the bullish momentum has started.
* This buying momentum also emerged from its 50-day SMA support zone which reconfirm bullish sentiments
* Rising volumes around multiple support 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 940-960 levels
* Holding period is 3 to 4 weeks.
Buy Intellect Design Arena Limited Buy Range: 850-840 CMP:852 Upside: 10%-12% Stop loss: 800
Gujarat Industries Power Company Limited
* With current close, the stock has broken out its “Consolidation Range” pattern at 91 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 (87) 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 115-120 levels.
* Holding period is 3 to 4 weeks.
Buy Gujarat Industries Power Company Limited Buy Range: 98-95 CMP:99 Upside: 15% – 20% Stop loss: 90
Laxmi Organic Industries Limited
* The stock has managed to give a “Flag Breakout” from the 260 levels indicating resumption of previous uptrend.
* With current weekly close, the stock has surpassed its previous three weeks high’s which signals increased strength
* On the daily chart, 20-day and 200-day SMA golden crossover 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 300-310 levels
* Holding period is 3 to 4 weeks.
Buy Laxmi Organic Industries Limited Buy Range: 270-265 CMP:273 Upside: 10% – 15% Stop loss: 260
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