HDFC Securities has come out with a list of four stocks namely Axis Bank Ltd, Can Fin Homes Ltd, Karur Vysya Bank Ltd and Stylam Industries Ltd that it said look solid on weekly technical charts and can deliver strong returns in Samvat 2081. The Muhurat trading session would take place on Friday from 6 pm to 7 pm, with the pre-opening session taking place between 5:45 pm and 6 pm.
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In the case of Axis Bank, the stock has been finding support near its 40-week EMA. The banking stock formed a bullish Hammer candlestick pattern on the weekly chart. A bullish candle is formed at the Double Bottom support of Rs 1,124, which increases the reliability of the bullish reversal, HDFC Securities said.
“Weekly stochastics oscillator has turned bullish. The price rise was accompanied by rise in volumes. Stock price has been forming higher tops and higher bottoms,” the brokerage said as it suggested buying the stock in the Rs 1,189-1,210 range for the targets of Rs 1,332 and Rs 1,403 levels.
In the case of Karur Vysya Bank, HDFC Securities suggested a buying range of Rs 214-218 and a target price of Rs 249, followed by Rs 269. It advised traders to put a stop loss at Rs 183.
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“The stock price found support on upward sloping trend adjoining the lows of week ended 12th May 2023 and 7th June 2024. On week ended 18th Oct 2024, stock broke out from the downward sloping trend line on the weekly charts, which indicates resumption of primary uptrend,” HDFC Securities said.
The domestic brokerage said the weekly stochastics oscillator has turned bullish and the recent price breakout was accompanied by rise in volumes. The stock is forming higher high-lows on the weekly chart, it added.
For Stylam Industries, the target price band is Rs 2,560-2,690. The range of Rs 2,195-2,230 is suggested as buying levels, with the brokerage advising traders to place stop loss at Rs 1,880.
HDFC Securities said the stock is in strong uptrend as it has been forming bullish higher top-bottom formations on the weekly chart. The primary trend is said to be positive as the stock price is placed above its 20-and 50-week moving averages. Indicators and oscillators have been showing strength on the weekly and monthly charts, HDFC Securities said.
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“After registering all time high of Rs 2,735, the stock price witnessed throwback fall which we believe is a running correction in an overall uptrend. The momentum indicator MACD has been showing bullish trend for
the stock on the weekly chart,” it said.
In the case of Can Fin Homes, the stock has been finding support in the band of Rs 820-828 for last seven consecutive weeks. Despite the sharp market correction in the last couple of weeks, the stock is holding strong.
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“The stock is positioned above all important moving averages, indicating a bullish trend across all time frames. RSI oscillator has been forming higher bottoms on the daily charts, indicating accumulation at lower levels. On the Point & Figure chart, the stock has been taking support at the 10 EMA,” HDFC Securities said.
The brokerage suggested a buy on Can Fin Homes in the Rs 850-860 range, with a stop loss at Rs 765 and a target range of Rs 960-1,040.
