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BSE Sensex rose 329 points to 81636 and Nifty crossed 24000 as Axis Securities picked Uno Minda, Supreme Industries, and Rashtriya Chemicals & Fertilisers for up to 20% returns
Sensex rose 329 points to 81,636; Nifty crossed 24,000.
The stock market opened the week on a positive note, with benchmark indices registering strong gains on Monday. The BSE Sensex climbed 329 points to close at 81,636, while the Nifty settled at 24,000-plus levels. Market sentiment was buoyed by hopes of an interest rate cut in the United States, according to a Business Today report. Against this backdrop, Axis Securities has identified three stocks that could deliver returns of up to 20% in the near term.
The brokerage has recommended Uno Minda, Supreme Industries, and Rashtriya Chemicals & Fertilisers (RCF) as its top picks. Technical indicators suggest these counters are showing strength and could continue their upward trajectory.
Uno Minda
Uno Minda shares have broken the key resistance zone of Rs 1,210 on the weekly charts, accompanied by rising volumes and a strong bullish candle. The stock also crossed resistance with a gap, signaling robust momentum. Its Relative Strength Index (RSI) is above 50 and trending upward, further confirming strength. Axis Securities has set a price target of Rs 1,341-1,390, with a recommended stop loss at Rs 1,179.
Supreme Industries
The stock has broken out of a key chart pattern at Rs 4,535 and continues to trade above its 20, 50, 100, and 200-day moving averages, highlighting strong technicals. RSI readings also confirm bullish momentum. The brokerage expects the stock to rise towards Rs 4,885-5,050, with a stop loss at Rs 4,435.
Rashtriya Chemicals & Fertilisers (RCF)
RCF has been moving higher, forming new peaks on strong volumes. The stock has broken past resistance and is showing bullish candles on the chart. RSI levels also suggest an upward trend. Axis Securities has pegged the upside at Rs 180-185, advising a stop loss at Rs 165.
Axis Securities believes these three stocks can generate healthy short-term gains if market conditions remain favorable. However, it has advised investors to remain cautious and follow strict stop-loss levels.
Disclaimer: This article is for informational purposes only. Investors should consult a certified financial advisor before making investment decisions. News18 does not take responsibility for any profits or losses arising from investments based on these recommendations.
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