Stock Picks Podcast on May 29, 2018: 3 stocks that could return 9-16%
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Nilkamal Ltd: Buy| Target: Rs 1,975| Stop loss: Rs 1,600| Return: 16%
On the weekly chart, Nilkamal Ltd. (NILKAMAL) has broken out from a consolidation channel and is approaching the upper end of the Triangle pattern placed at Rs 1,975 (as indicated on chart) indicating bullishness building up in the stock.
A sustained trade above Rs 1,730 with healthy volumes can take the stock to the upper end of the pattern placed at Rs 1,975. Further, on the daily chart, it has taken support at the 61.8% Fibonacci retracement level and turned upwards affirming bullishness.
Moreover, RSI has witnessed a range shift after taking support at the 40-level entering the bull zone affirming bullishness. The stock can be bought in the range of Rs 1,705-1,710 for targets of Rs 1,895-1,975, keeping a stop loss below Rs 1,600.
The New India Assurance Company Ltd: Buy| Target: Rs 790| Stop loss: Rs 690| Return 9%
On the daily chart, the New India Assurance Co. Ltd. (NAICL) has turned upwards after breaking out of a Triangle pattern suggesting bullishness dominant in the stock.
Further, it has broken out on healthy volumes affirming the bullishness. The RSI has turned upwards breaking out of the upper Bollinger Bands suggesting extended bullishness in the coming trading sessions.
The stock may be bought in the range of 720-725 for targets of 760-790, keeping a stop loss below 690.
Axis Bank Ltd: Buy| Target: Rs 600| Stop loss: Rs 519| Return 10%
On the weekly chart, Axis Bank Ltd. (AXISBANK) is on the verge of a breakout from an Ascending Triangle pattern suggesting bullishness building up in the stock.
Further, on the daily chart, it has turned upwards after taking support at the 50% Fibonacci retracement level placed at 520 and has broken out from a consolidation phase affirming bullishness.
The RSI has entered in the bull zone after bearing out of broken out from upper Bollinger Band. The stock may be bought in the range of 544-547 for targets of Rs 585-600, keeping a stop loss below Rs 519.