Weekly Tech Picks:Petronet LNG Ltd, Hindustan Aeronautics Ltd, Sterling & Wilson Renewable Energy Ltd, By Axis Securities
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Petronet LNG Ltd
* PETRONET on the weekly chart has decisively broken out above the “Symmetrical triangle” at 230 level with strong bullish candle indicating a positive bias.
* The breakout is accompanied with an increase in volume confirming participation at breakout level 10 March, 2023
* Stock is well placed above 20, 50, 100 and 200 daily SMA indicating positive momentum..
* 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 250-257 levels. *Holding period is 3 to 4 weeks.
Buy Petronet LNG Ltd CMP: 232 Buy Range: 232-228 Stop loss: 220 Upside: 9% –12%
Hindustan Aeronautics Ltd
* HAL on the weekly chart has decisively broken out above the “Rounded Bottom” pattern at 2825 level.
* Stock is holding above medium term upward sloping trendline which is in place from start of Jan 2022.
* Stock is forming a higher high-low on the weekly chart. This formation 10 March, 2023the 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 3005-3085 levels. *Holding period is 3 to 4 weeks.
Buy Hindustan Aeronautics Ltd CMP: 2854 Buy Range: 2800-2744 Stop loss:2655 Upside: 8% –11%
Sterling & Wilson Renewable Energy Ltd
* SWSOLAR on the weekly chart has decisively broken out above the “Falling Channel” pattern at 305 level indicating a positive bias.
* The breakout is accompanied with an increase in volume confirming participation at breakout level.
* Stock holds above 61.8% Fibonacci 10 March, 2023
* Stock holds above 61.8% Fibonacci Retracement of a rally from 70-509 placed at 239 forming a medium term support zone.
* The weekly strength indicator RSI is holding above its reference line indicates positive momentum.
* The above analysis indicates an upside of 362-377 levels. *Holding period is 3 to 4 weeks
Buy Sterling & Wilson Renewable Energy Ltd CMP:330 Buy Range: 323-317 Stop loss: 299 Upside: 13% –18%
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