Axis Securities Identifies Vedanta, ICICI Prudential, and Ashok Leyland as Top Technical Picks

Markets experienced volatility and ended the week in negative territory, influenced by a combination of domestic and global factors. Investor sentiment remained cautious throughout the week, with a late rebound in the final trading sessions helping to mitigate some of the losses. Persistent foreign fund outflows and a sharp depreciation in the rupee further dampened investor confidence. In this challenging environment, technical analysts at Axis Securities have identified several stocks that could offer potential trading opportunities based on chart patterns and momentum indicators, with a holding period of 3-4 weeks.

Vedanta, a leading diversified metals and mining company, is one of the top picks. Axis Securities recommends buying Vedanta in the range of Rs 539–Rs 529, with a stop loss at Rs 513. The stock is expected to reach an upside target between Rs 576 and Rs 603, representing a potential upside of up to 11%. This recommendation is based on the stock's strong chart setup and positive momentum indicators.

ICICI Prudential Life Insurance, a leading private life insurance company, is another top pick. The suggested buying range for ICICI Prudential Life Insurance is Rs 640–Rs 628, with a stop loss at Rs 613. The technical analysis indicates an upside target between Rs 676 and Rs 700, offering an upside potential of up to 8.2%. The company's robust financial performance and market position support this positive outlook.

Ashok Leyland, a prominent commercial vehicle manufacturer, is the third stock in the list. Axis Securities recommends buying Ashok Leyland in the range of Rs 163–Rs 160, with a stop loss at Rs 155. The stock is expected to move toward the target zone of Rs 175 to Rs 180, representing an upside potential of up to 9.9%. The company's strong market presence and recent positive developments in the commercial vehicle sector contribute to this favorable technical outlook.

These recommendations are based on thorough technical analysis and should be considered in the context of the broader market trends and individual investment strategies. It is important for investors to conduct their own research and consult with financial advisors before making any investment decisions.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)