Weekly Tech Picks - United Spirits Ltd, Chambal Fertilizers & Chemicals Ltd, Dixon Technologies (India) Ltd, Asian Paints Ltd - Axis Securities
United Spirits Limited
* On the weekly chart, the stock has witnessed “Consolidation Range” (500- 650) breakout indicating resumption of earlier up move
* On the weekly chart, the stock continue to trend higher forming a series of higher Tops and higher Bottoms formation
* Stock is well placed above its 20, 50 and 100 Day SMA which supports bullish sentiments
* 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 690-735 levels
Buy United Spirits Limited Buy Range: 670-660 CMP:673 Upside: 4%-11% Stop loss: 630
Chambal Fertilizers & Chemicals Limited
* On the daily chart, the stock has witnessed “Symmetrical Triangle” breakout indicating resumption of earlier up move.
* On the weekly chart, the stock continue to trend higher forming a series of higher Tops and higher Bottoms formation
* Huge volumes spurt on breakout confirm increased participation on rally
* Stock is well placed above its 20, 50 and 100 Day SMA which supports bullish sentiments
* 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 319-343 levels
Buy Chambal Fertilizers & Chemicals Limited Buying Range: 310-305 CMP: 310 Upside: 4%-11% Stop loss: 290
Dixon Technologies (India) Limited
* the stock has given a “multiple resistance breakout” on a closing basis along with rising volumes.
* On the daily chart, the stock has also formed higher Top and higher Bottom formation indicating shift of trend to the upward
* The stock is placed above its 20, 50 day SMA and averages are also inching upward along with prices , which reconfirm s positive bias
* 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 4530-4880 levels.
Buy Dixon Technologies (India) Limited Buying Range: 4420-4300 CMP: 4429 Upside: 4% – 12% Stop loss: 4100
Asian Paints Limited
* On the daily chart, the stock has given a triangular breakout on closing basis which signals positive bias.
* On the daily chart, the stock is making a series of higher highs and higher lows with huge volumes signals increased participation
* This buying momentum was observed from its 20, 50 and 100-day SMA which supports bullish sentiments on medium term time frame
* The daily and weekly strength indicator RSI is quoting above 50 mark and in bullish mode which supports rising strength
* The above analysis indicate an upside of 3140-3220 levels
Buy Asian Paints Limited Buying Range: 3050-3000 CMP: 3050 Upside: 4% – 6% Stop loss: 2930
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