Axis Securities has identified three stocks with decisive breakouts on weekly charts and recommended 'Buy' ratings with up to 21% upside potential. According to the brokerage's weekly outlook, the recommended stocks are Adani Total Gas (ATGL), Exide Industries, and AIA Engineering, with holding periods suggested at 3-4 weeks. On Monday's trading session, these stocks displayed mixed performance amid subdued market activity, with Adani Total Gas down 4%, Exide Industries up 1%, and AIA Engineering rising 0.6% as of noon deals.
Axis Securities highlights ATGL's decisive breakout above the four-year 'down-sloping trendline' at ₹677 on the weekly chart, supported by a strong bullish candle signalling major trend reversal. The brokerage noted that the breakout is accompanied by notable surge in volumes, indicating strong market participation and validating the strength of the move. ATGL remains well positioned above the 20-, 50-, 100-, and 200-Day Moving Averages, with all key moving averages trending higher alongside prices, indicating strong and sustained bullish trend. The daily, weekly and monthly RSI breakout above its reference line further reinforces positive sentiment and confirms the robustness of the price action.
Exide Industries delivered a decisive breakout from the past couple of years' 'downward-sloping trendline' resistance at ₹367 on the weekly chart, supported by rising volumes signalling medium-term trend reversal. The brokerage highlighted that the stock continues to form higher tops and bottom formation on daily and weekly time frames and holds firmly above its 20-, 50-, 100-, and 200-DMAs, reconfirming sustained positive bias. Axis Securities recommends Buy in the range of ₹380-₹372 with stop loss at ₹355, targeting upside around ₹418-₹430 levels.
AIA Engineering delivered a decisive breakout from a 5-month 'multiple resistance zone' of ₹4,220 levels, backed by strong bullish candle signalling resumption of prior uptrend on medium-term time frame. The breakout is supported by sharp surge in volumes, underscoring strong market participation and conviction behind the move. Axis Securities projects upside target of ₹4,825-₹4,920 levels with stop loss placed at ₹4,120, confirming robust bullish structure.
