The market has shown a strong rally in the first trading session of the week. Although it started slowly, Nifty is now trading above 23,350, with a gain of 150 points.
Axis Securities has highlighted that the 23,000 level is crucial for the market. If it holds, there is a strong chance of a trend reversal. Fresh buying will occur if Nifty moves above 23,400, but there is resistance around the 23,500 mark.
In this market, investors should focus on stock-specific action. Axis Securities has picked 3 stocks for the next 3-4 weeks, offering potential returns of up to 22%.
Stock Picks for the Next 3-4 Weeks
Minda Corporation (Auto Component Stock)
Minda Corporation is currently trading around Rs 590. It is recommended to buy the stock in the range of Rs 570-560. If the price falls below this range, a stop loss of Rs 535 should be maintained.
The first target is Rs 625 and the second target is Rs 645, providing returns of up to 11-14%. Over the past week, the stock has gained 15%, 16% in the last two weeks, and 14% this year. The 52-week high is Rs 653, and the low is Rs 367.
Biocon (Pharma Stock)
Biocon’s stock is trading at Rs 395. It is recommended to buy between Rs 385-378, with a stop loss at Rs 360. The first target is Rs 425 and the second target is Rs 440, offering returns of up to 11-15%.
Biocon has given a return of 9% in the last week, 10% in two weeks, and 7% so far this year. The 52-week high is Rs 400, and the low is Rs 244.
Apollo Micro Systems (Aerospace Stock)
Apollo Micro Systems is trading at Rs 147, with a 12% gain. The stock made a new high of Rs 150 during the session. It is recommended to buy the stock in the range of Rs 129-126, with a stop loss of Rs 116.
The first target is Rs 150 and the second target is Rs 156, providing returns of up to 18-22%. In the past week, the stock has gained 20%, 14% in two weeks, and 22% this year. The 52-week high is Rs 150, and the low is Rs 88.
