Bajaj Finance, UPL, Indus Tower, Radico: 4 stocks by Axis Securities for short-term gains #CashNews.co

Brokerage firm Axis Securities has suggested four stocks to make up to 15 per cent return in the near term. The domestic broker has picked Bajaj Finance Ltd, UPL Ltd, Radico Khaitan Ltd and Indus Towers Ltd as its preferred weekly picks for next 3-4 weeks, purely on technical basis. Here’s what the brokerage has to say about these counters:

Bajaj Finance | Buy | Target Price: Rs 7,150-7,010| Stop Loss: Rs 6,730

Bajaj Finance has broken out above the ‘symmetrical triangle’ pattern at Rs 7,180 with a strong bullish candle on the weekly chart, signalling the onset of a medium-term uptrend. The increased volume at the breakout indicates a strong influx of market participants. It is positioned above key short and medium-term moving averages of 20, 50, 100, and 200 days, indicating a positive bias. The Weekly RSI strength indicator has crossed above its reference line, generating a buy signal. The above analysis indicates an upside of Rs 7,785-7,985 levels.

UPL | Buy | Target Price: Rs 7,150-7,010| Stop Loss: Rs 570

UPL has confirmed a breakout above the ‘downward sloping trendline’ pattern at 573 on the weekly chart, indicating the onset of a medium-term uptrend. The stock also broke above the ‘inverted head & shoulders’ pattern at Rs 574, indicating the onset of a medium-term uptrend. The stock found support at the 38 per cent Fibonacci retracement level of the rally from Rs 447 to Rs 579, positioned at Rs 529, confirming a medium-term support base. The Weekly RSI strength indicator is holding above its reference line indicating positive bias. The above analysis indicates an upside of Rs 640-665 levels.

Radico Khaitan | Buy | Target Price: Rs 7,150-7,010| Stop Loss: Rs 1,800

Radico has demonstrated a breakout above the ‘consolidation zone’ between Rs 1,870-1,480 on the weekly chart, signaling the onset of an uptrend. Volume activity diminished during the pattern formation and increased at the breakout, indicating a surge in market participation. It closed above the weekly upper Bollinger Band, thereby generating a buy signal. The Weekly RSI strength indicator is holding above its reference line indicating positive bias. The above analysis indicates an upside of Rs 2,160-2,200 levels.

Indus Tower | Buy | Target Price: Rs 490-505 | Stop Loss: Rs 428

Indus Tower is trending within a medium-term rising channel, recently finding support at the lower band and now advancing towards the upper band, indicating a continuation of the uptrend. The stock has formed a small consolidation pattern between Rs 452 and Rs 402 within a rising channel, indicating a continuation of the uptrend. It is holding above the 12-week Simple Moving Average, indicating a positive bias. The Weekly RSI strength indicator has given a crossover above its reference line generating a buy signal. The above analysis indicates an upside of Rs 490-505 levels.