Weekly Tech Picks - Jindal Steel & Power Ltd, Chambal Fertilizers & Chemicals Ltd, Polycab India Ltd, Aegis Logistics Ltd By Axis Securities
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Jindal Steel & Power Limited
* On the daily chart, the stock has observed trend reversal as it has confirmed “consolidation range” breakout 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, 50 , 100 and 200 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 450-465 levels
* Holding period is 3 to 4 weeks.
Buy Jindal Steel & Power Limited Buy Range: 413-405 CMP 418 Upside: 10%-14% Stop loss: 389
Chambal Fertilizers & Chemicals Limited
* On the daily chart, the stock has decisively broken out its “multiple resistance zone” of 430-440 levels on a closing basis
* Price rise is accompanied with huge volumes indicating increased participation
* The stock is well placed above its 20 50 and 100 day SMA which reconfirm bullish sentiments
* The daily and weekly “band Bollinger” buy signals indicate increased momentum
* 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 495-510 levels
* Holding period is 3 to 4 weeks.
Buy Chambal Fertilizers & Chemicals Limited Buy Range: 460-452 CMP 469 Upside: 9% –12% Stop loss: 435
Polycab India Ltd
* The stock has broken out its “consolidation range” (2600-2200) on a weekly closing basis
* Rising volumes on breakout implies increased participation
* The stock is sustaining above its 20, 50 and 100 as well 200 Day SMA which reconfirms bullish sentiments ahead.
* With current close, the stock has also surpassed its five months multiple resistance zone of 2600 levels
* The daily “band Bollinger” buy signals indicate increased momentum
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength.
* The above analysis indicate upside of 2830-2950 levels.
Buy Polycab India Limited Buy Range: 460-452 CMP 469 Upside: 9% –12% Stop loss: 435
Aegis Logistics Limited
* On the daily chart, the has witnessed strong bounce back from its 61.8% (191-251) Fibonacci retracement support of 214 along with “downsloping trend line” breakout indicating strong come back of bulls
* Rising volumes at breakout zone implies increased participation at breakout zone
* The stock is sustaining above its 20, and 50 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 upside of 245-257 levels.
Buy Aegis Logistics Limited Buy Range: 2650-2600 CMP 2691 Upside: 8% – 12% Stop loss: 2525
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