Top Muhurat, Samvat 2079 Technical Stock Picks: Axis Securities

Ambuja Cement, Godfrey Philips India and RITES are among the stocks to buy this Diwali, according to Axis Securities.

<div class="paragraphs"><p>(Photo: Freepik)</p></div>
(Photo: Freepik)

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

Axis Securities Report

We have handpicked a few stocks for buying this Diwali that have given breakouts and showing strong accumulation patterns on the medium and longer-term charts. We have covered large caps as well as midcap stocks that have performed in line with the market trend over the last one year and are now trading above their breakout levels.

A few of them are at their major support levels. We advise accumulating these stocks in the recommended buying range to cover the downside risks and corrections in the market over the short term for the potential upside of 20-30% from the buying range over the medium term.

We believe the government thrust on the infrastructure sector is likely to continue. Based on that theme, we have included stocks from capital goods , metals, materials and infrastructure sectors. Selected stocks from auto, pharma, IT have also been included in the report that are likely to do well in the Samvat 2079.

Ambuja Cement Ltd. - The stock is in strong up trend forming Ambuja Cement a series of higher tops and bottoms across all the time frames.Stock on the monthly chart breakout above recent swing high of 450 level. The break out is witness by huge increase in volume. Stock is trading above 200 daily simple moving average indicating positive trend in a stock.

Godfrey Philips India Ltd - Stock broke above broader consolidation of 'symmetrical triangular' pattern which was in formation from November 2015. The breakout is accompanied by a increase in volume. On the quarterly chart, the stock is sustaining above its 'down-sloping trend line'. It is trading above 200 daily SMA reconfirming positive trend.

RITES Ltd. - On the monthly chart, stock has decisively broken out of its 'range bound consolidation' between 330-215 levels and is sustaining above the same. The break out is accompanied by a sharp increase in volumes. On the weekly time frame the stock is trading above all medium term key averages of 50, 100 and 200 weekly SMA. It indicates the strength in a stock in medium to long term.

Click on the attachment for full list of Axis Securities' Muhurat & Samvat 2079 technical stock picks:

Axis Securities Technical Diwali Muhurat Picks 2022.pdf


This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.