Axis Securities Highlights Three Stocks with Potential Gains of Up to 19% This Week

Axis Securities has identified three stocks with potential gains of up to 19% for the week. The brokerage is optimistic about stocks like Vedanta and Canara Bank. This article provides insights into the technical outlooks for these stocks, along with analyses of Nifty and Bank Nifty.

The Nifty index formed a bullish candle on the weekly chart, indicating positive momentum. It closed above last week's high, nearing a resistance level at 25,500. A close above this could lead to 26,277, an all-time high. Immediate support is at 25,058, with major support around 24,350.

According to Axis Securities' analysts, "A sustained move above 25,500 could drive the index towards 25,700-26,000, while a break below 25,150 may trigger declines towards 25,000-24,800." They expect Nifty to trade between 26,000 and 24,800 this week with a positive outlook.

The Bank Nifty index also formed a strong bullish candle on the weekly chart. It closed above the 20-week SMA at 55,695, indicating a bullish setup. The index is approaching its all-time high of 57,628. Key support levels are at 55,600 and major supports at 54,300.

Axis Securities' analysts noted that "A sustained move above 57,000 could trigger buying towards 57,400-57,700." They anticipate Bank Nifty to trade in the range of 57,700-55,600 with a positive bias.

Stock Recommendations for the Week

Axis Securities has recommended three stocks for this week: Vedanta, Sequent Scientific, and Canara Bank. Each stock has been analysed for its potential upside based on technical indicators and market trends.

Vedanta: The buy range is between 475-466 with a stop loss at 446. The stock shows an upside potential of 10%-14% over a holding period of three to four weeks. Vedanta has broken out from an Inverted Head and Shoulder pattern at 473 on the weekly chart.

Sequent Scientific: The buy range is set at 210-205 with a stop loss of 192. The stock has an upside potential of 15%-19% over three to four weeks. Sequent Scientific has broken out above a medium-term downward trendline at 210 on the weekly chart.

Canara Bank: With a buy range of 124-121 and a stop loss at 117, Canara Bank shows an upside potential of 9%-13% over three to four weeks. The stock has broken out above multiple resistance zones around 125 on the weekly chart.

The analysis for Vedanta indicates an upside toward levels of 519-537. For Sequent Scientific, the analysis suggests an upside toward levels of 239-247. Canara Bank's analysis points to an upside toward levels of 134-139.

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