Leading brokerage firm Axis Direct has highlighted three Indian equities – Biocon Ltd., V2 Retail Ltd., and Balrampur Chini Mills Ltd. – as promising 'buy' calls for upcoming trading sessions. Rajesh Palviya, Head of Research at Axis Direct, provided detailed technical analysis, outlining target prices and crucial support levels for each stock.
Biocon Ltd. Analysis
Biocon has recently demonstrated a significant breakout, surpassing its five-month downtrend line at the Rs 390 level. This move, observed on both daily and weekly charts, was accompanied by substantial trading volumes, signaling strong buying interest. The stock is currently trading above its key moving averages (20, 50, 100, and 200-day SMAs), which are also trending upwards, reinforcing a bullish sentiment.
- Technical Indicators: Daily and weekly 'Bollinger Band' signals indicate increased momentum. The Relative Strength Index (RSI) across daily, weekly, and monthly timeframes is in favorable territory, suggesting robust underlying strength.
- Target Price: Rs 425-440
- Stop Loss: Rs 385
- Support Zone: Rs 390-380
Balrampur Chini Mills Analysis
Balrampur Chini Mills has successfully broken above its 6-8 month multiple resistance zone of Rs 520 on a closing basis. This breakout is supported by rising trading volumes over the past few months, indicating increased investor participation. Similar to Biocon, Balrampur Chini is positioned above its 20, 50, 100, and 200-day SMAs, with these averages also showing an upward trajectory, confirming a bullish outlook.
- Technical Indicators: The daily, weekly, and monthly RSI are all in favorable zones, reflecting sustained strength across various timeframes.
- Target Price: Rs 560-580
- Stop Loss: Rs 515
- Support Zone: Rs 510-520
V2 Retail Ltd. Analysis
V2 Retail has shown a resurgence in buying momentum, particularly around its 200-day SMA support zone of Rs 204, which is identified as a critical support level. The stock exhibits a clear bullish trend, forming a consistent series of higher tops and bottoms. It remains well above its 20, 50, 100, and 200-day SMAs, which are also rising in sync with the price movement, further confirming the positive sentiment.
- Technical Indicators: The daily, weekly, and monthly RSI are all indicating favorable conditions, underscoring rising strength across all key timeframes.
- Target Price: Rs 235-245
- Stop Loss: Rs 208
- Support Zone: Rs 210-203
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.