Axis Securities has 4 stocks with 23% potential upsides

Axis Securities has recommended four stocks, APL Apollo Tubes, Dalmia Bharat, Coforge L&T Finance Holdings, with target prices that suggest up to 23 per cent potential upsides, according to its technical weekly report. Axis Securities sees the highest upside potential in L&T Finance Holdings, followed by Dalmia Bharat, APL Apollo Tubes and Coforge.

APL Apollo Tubes were placed on the weekly time frame above the multiple resistance zone, which was placed in the Rs 1,150 -- 1,177 range. The stock is higher than the weekly chart and respects the upward sloping trendline. This formation indicates a positive uptrend. The breakout is accompanied by an increase in volume, which confirms participation at the breakout level. The daily and weekly strength indicator RSI is in bullish mode and the daily and weekly strength indicator RSI is in bullish mode.

The weekly RSI cross above its reference line, which had generated a buy signal. The above analysis shows an upside of 1,303 -- 1,350 levels. The holding period is 3 to 4 weeks.

L&T Finance Holdings has broken above the Symmetrical Triangle pattern on the weekly chart, which was in formation since November 2021 and was in formation since November 2021. The breakout is accompanied by rising volume, which normally dried up during consolidation pattern formation. The weekly Bollinger band generated a buy signal as the stock closed above the upper Bollinger Band. The weekly strength indicator RSI is above a reading of 50 mark and the reference line indicates positive momentum. This indicates an upside towards Rs 100 -- 110 levels. The holding period is 3 to 4 weeks.

The stock broke above its Double Bottom pattern on the weekly time frame. The scrip formed a similar bottom at around Rs 3,200 level, the neckline for the same was placed at Rs 4,060 level. The breakout has an increase in volume confirming participation at the breakout level. The stock is well above its 20, 50, 100 and 200 day moving averages, indicating positive momentum. The RSI weekly strength indicator is above a reading of 50 mark and its reference line indicates positive momentum. The above analysis indicates an upside towards Rs 4,625 -- 4,800 levels.

The holding period is 3 to 4 weeks.

Dalmia Bharat has broke out above its multiple resistance zone on the weekly frame, placing it at Rs 1,800 -- 1,760 levels. The stock broke above the medium term downward trendline, indicating a change of trend. The stock has returned 50 per cent Fibonnacci retracement of a rally from Rs 1,212 -- 1,794 to Rs 1,510. It started to bounce back from the Rs 1,510 level, forming a short term base. The daily and weekly strength indicator RSI is in bullish mode and the weekly RSI is above its reference line indicates a positive momentum. The stock can see an upside towards Rs 2,113 -- 2,230 levels. The holding period is 3 to 4 weeks.