Axis Securities names Vedanta among top 3 technical picks, sees up to 11% upside in 3-4 weeks

Despite a volatile week that ended in negative territory due to both domestic and global pressures, Axis Securities has identified three stocks showing potential for gains in the near term. Though investor sentiment was largely subdued and selling pressure intensified, a late-session rebound offered some respite.

That said, the reality is a bit more complicated. overall market caution persists, influenced by continuous outflows of foreign funds and a weakening rupee. Against this backdrop, Axis Securities' technical analysts have pinpointed specific stocks that present trading opportunities based on chart analysis and momentum indicators, with a holding period of 3-4 weeks.

Here are their top picks:

• Vedanta:** Recommended for purchase between Rs 539 and Rs 529, with a stop loss at Rs 513. The analysis anticipates a target price range of Rs 576 to Rs 603, suggesting a potential upside of up to 11%.
• ICICI Prudential Life Insurance:** The suggested buying range is Rs 640–Rs 628, with a stop loss at Rs 613. Chart patterns indicate a target between Rs 676 and Rs 700, representing a potential upside of up to 8.2%.
• Ashok Leyland Ltd:** Axis Securities suggests a buying range of Rs 163–Rs 160, with a stop loss at Rs 155. The stock is projected to reach a target zone of Rs 175 to Rs 180, offering an upside potential of up to 9.9%.

*Disclaimer: This is not financial advice.*