Axis Securities picks four technical stock picks that can deliver up to 19 per cent upside

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Axis Securities picks four technical stock picks that can deliver up to 19 per cent upside

Axis Securities has come out with four technical stock picks - Cummins India, Hindustan Aeronautics HAL Oil India and Suprajit Engineering, which it believes can deliver up to 19 per cent upside in the next 3 -- 4 weeks. These shares have broken above their resistance levels on the weekly chart, Axis Securities said. Oil India offers the maximum upside potential, followed by Suprajit Engineering, HAL and Cummins India.

Cummins India broke a consolidation range of Rs 1,550 -- 1,350 on the weekly chart, with a strong bullish candle last week. The stock held above the lower band of a rising channel and bounced back, indicating a positive bias. The Cummins India stock is headed for the upper band of the rising channel. The stock is higher on the weekly chart, having a higher high-low. This formation indicates a positive uptrend. The weekly strength indicator RSI is above its reference line that indicates positive momentum. The above analysis shows an upside of 1,700 -- 1,755 levels. The holding period is 3 -- 4 weeks.

HAL has broken the 'Falling Channel' at Rs 2,550. There is an increase in volume that confirms participation at the breakout level. The HAL stock is well placed above the 200, 50, 100 and 20 day SMA. The weekly strength indicator RSI is in bullish mode and the weekly RSI's crossover above its reference line generated a 'buy' signal. The stock can test Rs 2,795 -- 2,880 levels in the next 3 to 4 weeks, according to the analysis.

Oil India has broken up its 'Cup and Handle pattern formation on the weekly chart, indicating a positive bias. The breakout was accompanied by an increase in volume, confirming participation at the breakout level. The Oil India stock is higher than the weekly chart. This formation indicates a positive uptrend. The weekly strength indicator RSI is in bullish mode and the weekly RSI crossover above its reference line generated a buy' signal. The above analysis indicates an upside towards the Rs 290 -- 300 level in the next 3 to 4 weeks.

Suprajit Engineering has broken above a Symmetrical Triangle pattern above the Rs 347 level on the weekly chart. Participation at the breakout level is confirmed by the fact that the breakout has an increase in volume. The stock on the daily chart was above the upper Bollinger band, indicating a positive bias.

The weekly strength indicator RSI is in bullish mode, and the weekly RSI crossover above its reference line generated a buy' signal. The above analysis indicates an upside for Suprajit Engineering towards Rs 391 -- 405 levels. The holding period is 3 to 4 weeks.