Hot Stock Picks: Bajaj Auto, MCX, TCS, and Barbeque Nation Set to Soar This Week, Says Axis Securities
The Indian stock market is seeing gains this week, with Sensex and Nifty 50 rising thanks to strong performances in banking, metals, IT, and energy stocks. Among the top technical picks this week, Axis Securities has highlighted four stocks expected to perform well.
Nifty 50 Technical Outlook
Nifty 50 formed a bullish pattern, indicating strong support around its 50-day Simple Moving Average (SMA). If it crosses 24,700, it could push towards 25,000, but falling below 24,450 might trigger selling. Expect Nifty to trade between 25,000 and 24,000 this week.
Bank Nifty Technical Outlook
Bank Nifty’s “Doji” pattern suggests uncertainty. It could rise to 51,000 if it breaks 50,750, but dropping below 50,200 might lead to a fall towards 49,800. Bank Nifty is expected to trade between 51,000 and 49,800 with a slight negative bias.
Top 4 Stock Picks
- Bajaj Auto | Buy | Target: ₹10,550 – ₹10,800 | Stop Loss: ₹9,368
- Bajaj Auto broke out of a symmetrical triangle pattern, signaling a continuation of its uptrend. The stock is above key moving averages, and a positive RSI signals further gains.
- Bajaj Auto broke out of a symmetrical triangle pattern, signaling a continuation of its uptrend. The stock is above key moving averages, and a positive RSI signals further gains.
- MCX | Buy | Target: ₹4,920 – ₹5,100 | Stop Loss: ₹4,300
- MCX confirmed a breakout from its consolidation zone, with the stock forming higher highs and lows. Support at the 38% Fibonacci level suggests more upside.
- MCX confirmed a breakout from its consolidation zone, with the stock forming higher highs and lows. Support at the 38% Fibonacci level suggests more upside.
- TCS | Buy | Target: ₹4,656 – ₹4,750 | Stop Loss: ₹4,185
- TCS broke out of a ‘Rounded Bottom’ pattern, indicating a strong uptrend. The stock continues to form higher highs and is supported by a positive RSI.
- TCS broke out of a ‘Rounded Bottom’ pattern, indicating a strong uptrend. The stock continues to form higher highs and is supported by a positive RSI.
- Barbeque Nation Hospitality | Buy | Target: ₹690 – ₹713 | Stop Loss: ₹575
- Barbeque Nation broke out of a downtrend, signaling a reversal. The stock also broke above an inverted head and shoulders pattern, with positive RSI supporting further gains.
These stocks are expected to perform well in the next 3 to 4 weeks, according to Axis Securities.
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