Weekly Technical Picks: From BEL To Bharti Airtel 4 Trade Calls By Axis Securities

For the duration of the week, Nifty experienced a stable trend after beginning the week on a flat note. However, the index ended on a high note after gains in the last couple of trading sessions. On March 7, Nifty wrapped up at 22494, up 115 points on a weekly basis. According to Axis Securities, Bank Nifty started the week on a flat note, and buying momentum for most of the week led it to close on a positive note. Bank Nifty closed at 47836 on March 7th with a gain of 538 points on a weekly basis.

Nifty Outlook

On the weekly chart, the index has formed a small bullish candle with a lower shadow, indicating buying at support level around 22200. The chart pattern suggests that if Nifty crosses and sustains above the 22600 level, it would witness buying, leading the index towards the 22800-22900 levels. However, if the index breaks below the 22400 level, it would witness selling, taking the index towards the 22300-22200 range. For the week, we expect Nifty to trade in the range of 22900-22200 with a positive bias. The weekly strength indicator RSI is above its respective reference lines, indicating a positive bias, said Axis Securities in a note.

Bank Nifty Outlook

On the weekly chart, the index has formed a sizable bullish candle and closed above the previous week's high, indicating a positive bias. The chart pattern suggests that if Bank Nifty crosses and sustains above the 48000 level, it would witness buying, leading the index towards 48150-48300 levels. However, if the index breaks below the 47700 level, it would witness selling, taking the index towards 47500-47300. For the week, we expect Bank Nifty to trade in the range of 48300-47300 with a mixed bias. The daily and weekly strength indicator RSI are moving upwards and quoting above their respective reference lines, indicating a positive bias, the brokerage firm said in a note.

Stocks To Buy This Week

The brokerage firm Axis Securities has picked up the below stocks as its weekly top picks based on technical analysis.

Bharti Airtel

Buy Range: 1195-1171, Stop loss: 1132, Upside: 9% - 12%, duration: 3 to 4 weeks

BHARTIARTL demonstrates a bullish breakout above the small 'Falling Channel' pattern at 1150 on the weekly chart, suggesting a possible continuation of the medium-term uptrend. The breakout is confirmed by a strong bullish candle, indicating a positive bias in stock price movement. It maintains support above the 23% Fibonacci retracement level of the rally from 735 to 1200 at 1098, forming a medium-term base for further potential upward movement. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. The above analysis indicates an upside of 1285-1330 levels.

Bank of India

Buy Range: 143-140, stop loss: 134, upside: 10% -16%, duration: 3 to 4 weeks

BANKINDIA demonstrates a bullish breakout above the 'Descending Triangular' pattern at 140 on the weekly chart, signaling the potential continuation of a post-consolidation rally. It maintains support above the 38% Fibonacci retracement level of the rally from 86 to 156 at 129, forming a medium-term base for further potential upward movement. The stock is exhibiting a pattern of higher high-low formations on the weekly chart and holding above upward sloping trendline, signaling positive bias. The weekly strength indicator RSI is in a bullish mode indicating a positive bias. The above analysis indicates an upside of 156-164 levels.

Bharat Electronics Ltd

Buy Range: 213-208, stop loss: 199, upside: 11% -15%, duration: 3 to 4 weeks

On the weekly chart, BEL has broken out of small 'Consolidation' zone between 197-177, accompanied by a robust bullish candle at the end of February. The stock continues its upward momentum after the breakout and is expected to sustain its momentum. The stock is trending within a medium rising channel, having recently found support at the lower band and is now poised to move towards the upper band of the channel. The weekly strength indicator RSI is in a bullish mode and is holding above its reference line indicating a positive bias. It is forming higher high-low confirming upward price movement. The above analysis indicates an upside of 233-242 levels.

Pidilite Industries

Buy Range:2850-2794, stop loss: 2685, upside: 10%-14%, duration: 3 to 4 weeks

On the weekly chart, PIDILITIND has broken out of a two-and-a-half-year consolidation phase, marked by a 'Symmetrical Triangular' pattern at the 2800 level, implying a continuation of the medium-term uptrend. An increase in volume activity during the breakout suggests a surge in participation, signaling strong interest in the stock's upward movement. The stock is maintaining its position above the 20, 50, 100, and 200 Simple Moving Averages (SMA), indicating a positive bias in its price trend. The weekly Relative Strength Index (RSI) is in bullish mode, and holding above its reference line suggesting a positive bias in a stock. The above analysis indicates an upside of 3096-3210 levels.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.