Amidst prevailing selling pressure in Indian equities, domestic brokerage firm Axis Direct has identified three stocks with strong technical parameters poised for double-digit short-term gains. The firm suggests investors consider Engineers India Ltd, Mankind Pharma Ltd, and Galaxy Surfactants Ltd for purchase.
Galaxy Surfactants: Technical Outlook and Targets
Recommendation: Buy
- Target Price: Rs 2,670-2,750
- Stop Loss: Rs 2,080
Galaxy Surfactants has recently formed a bullish candle on its weekly charts and appears to be moving higher after successfully retesting a breakout level. This upward movement is supported by increasing trading volumes, indicating growing investor participation. The stock maintains a strong bullish structure, positioned firmly above its 20-, 50-, 100-, and 200-day Simple Moving Averages (SMAs), all of which are trending upwards in sync with the price action. Furthermore, the Relative Strength Index (RSI) on the weekly timeframe is rising, signaling increasing bullish momentum.
Mankind Pharma: Chart Analysis and Investment Levels
Recommendation: Buy
- Target Price: Rs 2,695-2,760
- Stop Loss: Rs 2,365
Mankind Pharma exhibits a consistent higher high, higher low pattern on its weekly charts, emerging after a bounce from the 50 percent retracement level of its previous rise (from Rs 1,900 to Rs 2,638). This upward trend is backed by rising volumes, confirming active participation. The stock's robust bullish structure is evident as it holds positions above its 20-, 50-, 100-, and 200-day SMAs. The daily Bollinger bands are also expanding upwards, suggesting increasing volatility as the stock gains momentum. The weekly RSI is on an upward trajectory, indicating strong bullish sentiment.
Engineers India: Breakout Potential and Price Forecast
Recommendation: Buy
- Target Price: Rs 335-345
- Stop Loss: Rs 275
Engineers India Ltd has successfully broken out of a rounding bottom pattern on its weekly charts. This breakout is supported by increased trading volumes, signaling growing interest. The stock is currently riding the upper band of both its weekly and monthly Bollinger bands (20,2), which denotes heightened momentum. It maintains a strong bullish structure, trading above its 20-, 50-, 100-, and 200-day SMAs. The rising RSI on the weekly charts further confirms increasing bullish momentum across both short and medium timeframes.
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.