Axis Securities expects benchmark Nifty50 to trade within the 23,500–22,300 zone with a mixed bias this week. In terms of the technical outlook for Nifty Bank, it sees the sub-index’s movement in a broad range of 52,500–49,500 during the select period.
It has recommended ‘Buy’ calls for shares of Housing & Urban Development Corporation Ltd (HUDCO), Marico Ltd and Poonawalla Fincorp Ltd.
HUDCO target price: Rs 229-235
For HUDCO, Axis said the stock is forming a strong bullish candle, signalling the start of fresh upward momentum. “Investors can buy HUDCO shares around Rs 205-201 levels, keeping a stop loss of Rs 190. On the higher end, it can move towards Rs 229-235,” it stated.
Marico target price: Rs 770-800
The domestic brokerage said Marico shares also formed a strong bullish candle, signalling a continuation of the medium-term uptrend. “The breakout is accompanied by a notable rise in volume, highlighting strong market participation and reinforcing bullish conviction. The stock has established a solid medium-term support base at Rs 582. Analysis indicates an upside towards 770-800 levels,” Axis said.
Poonawalla Fincorp target price: Rs 404-425
The broking firm said Poonawalla has broken out of a medium-term downward-sloping trendline, signalling the start of a potential post-breakout rally. “Following the breakout, the stock retested the breakout zone and found support near Rs 321, rebounding sharply and reaffirming a positive bias. This indicates an upside towards Rs 404-425 levels,” Axis noted.
Further, the brokerage mentioned that holding period for these stocks will be up to three to four weeks.
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