Weekly Tech Picks - United Spirits Ltd, HDFC Asset Management Company Ltd, Adani Ports and Special Economic Zone Ltd, SBI Life Insurance Company Ltd By Axis Securities
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United Spirits Limited
On the daily chart, the stock has rebounded from its earlier breakout zone of 680 levels indicating resumption of the uptrend
The stock is well placed above its 20 and 50-day SMA’s which reconfirm bullish sentiments
Rising volumes near support zone 27 August, 2021 signals increased participation on correction
The stock is in strong up trend across all the time frames forming a series of higher tops and bottoms
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 730-755 levels
Holding period is 3 to 4 weeks.
Buy United Spirits Limited Buy Range: 700-685 CMP: 700 Upside: 5%-9% Stop loss: 674
HDFC Asset Management Company Limited
On the weekly chart, the stock has witnessed strong accumulation as well as buying support from its “multiple Support Zone” of 2800 levels
On the weekly chart, the price movement has taken “Rounding Bottom” formation which signals accumulation at lower levels.
Rising volumes in this accumulation zone signals increased participation
The stock has recaptured its 20, 50 and 100 day SMA which supports upside momentum
The daily and weekly strength indicator RSI is placed above 50 mark which supports rising strength. The above analysis indicate an upside of 3180- 3260 levels.
Holding period is 3 to 4 weeks.
Buy HDFC Asset Management Company Limited Buy Range: 3038-2977 CMP: 3038 Upside: 6% -8% Stop loss: 2920
Adani Ports and Special Economic Zone Limited
On the daily chart, the stock has witnessed “Triangle” formation breakout at 708 levels on a closing basis along with rising volumes.
On the daily chart, the stock has witnessed shift of trend to the upside indicating further strength
The stock is well placed above its 20 and 50 day SMA which reconfirms upside momentum
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 785-800 levels
Holding period is 3 to 4 weeks.
Buy Adani Ports and Special Economic Zone Limited Buy Range: 718-704 CMP: 726 Upside: 10% – 13% Stop loss: 672
SBI Life Insurance Company Limited
On the daily chart, the stock has witnessed “Consolidation Range” breakout at 1170 levels on a closing basis along with rising volumes.
On the daily and weekly chart, the stock continue to form a series of higher Tops and higher Bottoms which signals strong up trend
This buying was observed from its 20 day SMA (1136) support zone which remains a crucial level to watch for
The daily Bollinger Band buy signal also reconfirmed rising momentum
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 1260-1300 levels
Buy SBI Life Insurance Company Limited Buy Range: 1184-1163 CMP: 1184 Upside: 7% – 11% Stop loss: 1130
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