In a recent market analysis, brokerage firm Axis Securities has identified three stocks—Coal India Ltd, LIC Housing Finance Ltd, and Mazagon Dock Shipbuilders Ltd—that are expected to witness a potential rally of up to 16% in the next 3-4 weeks. The firm based its recommendations on strong technical parameters, signaling positive momentum for these stocks.
Axis Securities noted that the Indian stock market has seen a strong rebound over the past week, and these three counters have shown promising signs of an upside. Here’s a detailed look at the potential of each stock:
Coal India Ltd (Buy | Target Price: Rs 429-449 | Stop Loss: Rs 378)
Coal India has formed a strong base at Rs 337, according to Axis Securities, aligning with the 61.8% Fibonacci retracement of its previous rally. The stock has shown significant accumulation since December 2024 and has recently broken out of its consolidation zone between Rs 350 and Rs 400, indicating the start of a new uptrend.
The firm highlighted that a sustained move above Rs 400 could fuel the stock’s upward momentum, with a target price range of Rs 429 to Rs 449. The weekly Relative Strength Index (RSI) is also trending positively, further reinforcing the bullish outlook.
Mazagon Dock Shipbuilders Ltd (Buy | Target Price: Rs 2,790-2,885 | Stop Loss: Rs 2,370)
Mazagon Dock Shipbuilders has recently broken out of a descending triangle pattern at Rs 2,500, signaling the continuation of its medium-term uptrend. Axis Securities noted a surge in trading volume at the breakout, which indicates strong market participation.
The stock has been trading above its key short- and medium-term moving averages, reflecting a firm bullish bias. Additionally, the weekly RSI is trending upward, supporting the positive momentum. Axis Securities set a target price range of Rs 2,790 to Rs 2,885, with a stop loss at Rs 2,370.
LIC Housing Finance Ltd (Buy | Target Price: Rs 621-645 | Stop Loss: Rs 522)
LIC Housing Finance has broken out of a falling channel pattern at Rs 557, with a strong bullish candlestick confirming the uptrend. Axis Securities highlighted that the stock has established a solid support base above the 61.8% Fibonacci retracement level of its previous rally, indicating a firm upward momentum.
The stock has recently rebounded sharply from the lower weekly Bollinger Band, which signals potential movement towards the upper Bollinger Band. The RSI has also crossed above its reference line, confirming a buy signal. Axis Securities has set a target price range of Rs 621 to Rs 645 for LIC Housing, with a stop loss at Rs 522.
Axis Securities has identified Coal India, LIC Housing Finance, and Mazagon Dock Shipbuilders as key stocks that could rally by up to 16% in the coming month based on their strong technical indicators. The firm has provided buy recommendations for these stocks, with clear target prices and stop loss levels. As always, investors are advised to perform their own research and consult financial advisors before making investment decisions.
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