Weekly Tech Picks: DLF Ltd, APL Apollo Tubes Ltd & NCC Ltd By Axis Securities
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DLF Ltd.
* DLF on the weekly chart has decisively broken out above the “Consolidation zone ” between 370-342 levels with strong bullish candle indicating a positive bias.
* The breakout is accompanied with an increase in volume confirming participation at breakout level 17 March, 2023
* Stock is holding above medium term upward sloping trendline which is in place from Mar 2022.
* The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal..
* The above analysis indicates an upside of 400-413 levels.
* Holding period is 3 to 4 weeks.
Buy DLF Ltd CMP: 373 Buy Range: 370-364 Stop loss: 350 Upside: 9% –13%
APL Apollo Tubes Ltd.
* APLAPOLLO on the weekly chart has decisively broken out above the “Consolidation zone” between 1200- 1000 levels in mid of February 2023. It retested the breakout area and is expected to continue a uptrend.
* Stock is holding above medium term upward sloping trendline which is in place from start of Aug 2022. 17 March, 2023place from start of Aug 2022.
* Stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend.
* The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal.
* The above analysis indicates an upside of 1390-1440 levels.
* Holding period is 3 to 4 weeks
Buy APL Apollo Tubes Ltd CMP: 1256 Buy Range: 1250-1226 Stop loss: 1160 Upside: 12% –16%
NCC Ltd
* NCC on the weekly chart has decisively broken out above the “Multi Year Resistance” placed at 100 level indicating a strong uptrend.
* The breakout is accompanied with an increase in volume confirming participation at breakout level.
* Stock is trading in a medium term rising 17 March, 2023• Stock is trading in a medium term rising channel. Last week it took a support at lower band and it is heading towards upper band of a channel.
* The weekly strength indicator RSI is holding above its reference line indicates positive momentum.
* The above analysis indicates an upside of 115 -120 levels. *Holding period is 3 to 4 weeks.
Buy NCC Ltd CMP: 103 Buy Range: 100-97 Stop loss: 90 Upside: 17% – 22%
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