Stock Markets Today: VIP Industries Ltd. Tata Chemicals Ltd , Dredging Corporation of India Ltd are the three technical stock picks of the week by Axis Securities.
VIP Industries as per Axis has successfully broken out of a "Falling Channel" pattern at 510 on the weekly chart during the last week of September 2024, signaling a potential onset of an uptrend. The Axis analysis indicates an upside to ₹624-645 levels.* The holding period as per Axis is 3 to 4 weeks.
2. Tata Chemicals: Axis Securities recommends buying Tata Chemicals in the range of ₹1120-1098 with a stop loss at ₹1072 for an upside of 7% – 9%
Tata Chemicals share price as per Axis Securities has confirmed a breakout above the “Symmetrical Triangle" pattern at the 1100 level on the weekly chart, accompanied by a strong bullish candle, signaling a continuation of the medium-term uptrend. The weekly RSI has broken above the downward-sloping trendline, further confirming the strength in prices
Axis analysis indicates an upside to ₹1185-1213 levels. The holding period for Tata Chemicals is 3 to 4 weeks.
Axis recommends buying Dredging Corporation in the range of ₹1010-990 keeping Stop loss ats ₹960 for an upside of 9% –13%
Dredging Corporation as per Axis is trending within an upward-sloping channel. Recently, it found support at the lower band of the rising channel and is now heading toward the upper band.
The weekly RSI strength indicator has crossed above its reference line, generating a buy signal, said Axis Securities'
Axis analysis indicates an upside to ₹1085-1125 levels. The holding period is 3 to 4 weeks.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
