Top picks: Axis Securities recommends these 3 stocks to buy

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For the week, brokerage Axis Securities expects Nifty to trade in the range of 16,600-15,700 with a negative bias. The daily and weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias, as per the brokerage.

Hero MotoCorp, Coromandel International, and Power Grid Corporation of India are the brokerage house’s top three stock picks, based on the technical factors.

Axis Securities’ top stock picks

Hero Moto: “The daily ‘band bollinger’ buy signal reconfirm positive bias. The daily and weekly strength indicator Relative Strength Index (RSI) is in bullish mode along with positive crossover which supports rising strength in near term. The above analysis indicate an upside of 2,750-2,850 levels with Buy Range: 2,560-2,510 and stop loss of 2,395,” the note stated.

Coromandel International: On the weekly chart, the stock is in up trend forming a series of higher tops and bottoms indicating strong up trend.

“Rising volumes on a rally implies increased participation on a rally. The weekly ‘band bollinger’ buy signal reconfirm positive bias. The daily, weekly and monthly strength indicator RSI signals positive crossover indicate rising strength. The above analysis indicate upside of 965-1000 levels with Buy range: 900-882 and stop loss of 855,” recommended Axis Securities.

Power Grid: The stock is trending in Up-sloping channel which reconfirm positive bias The stock is well placed above its 20, 50, 100 and 200 day SMA which reconfirm bullish trend, as per the brokerage.

“Sustained volumes on a rally implies rising participation. The daily, weekly and monthly strength indicator RSI signals positive crossover indicate rising strength. The above analysis indicate upside of 255-265 levels with Buy range: 236-232 and stop loss of 221,” it added.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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