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AXISCADES Engineering Technical Analysis #59: Buy | Target Rs 75 | Arijit Banerjee

CMP#65.65
IdeaBUY
Buy Range64 – 66.5
Target75 – 77
StopLoss*60
Duration6 – 8 Weeks
Potential Return^14 – 17%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
65.65BUY64 – 66.575 – 77606 – 8 Weeks14 – 17%

# CMP on June 06, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 70.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

AXISCADES Engineering Technologies Ltd is engaged in the business of product design, engineering and research solutions In Europe, America and Asia. It offers software and hardware development services for aerospace, defense, homeland security, automotive, heavy engineering, energy, healthcare and medical sector. AXISCADES standalone revenue from operations increased 17% to Rs 607.74 crore from Rs 519.16 crore in the last year.

Stock Data
NSE CodeAXISCADES
Sectoral IndexNIFTY IT
52W High135.8
52W Low43.75
Face Value10
Relative Performance_AXISCADES vs Nifty IT Index

TECHNICAL OBSERVATIONS (WEEKLY)

  • After a consistent downtrend in the last 18 months, the stock price has shifted into a sharp upside bounce in last month. The recent development on the price front may indicate conclusion of the downtrend phase.
  • This long-term trendline breakout comes with a significant jump in volumes.
AXISCADES Weekly Chart
AXISCADES Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • On a daily chart, the stock has been trading with it’s upward rising trend line for the last four weeks and it seems that it could continue with its ongoing move.
  • Oscillator like ADX has been showing supportive strength.
AXISCADES Daily Chart
AXISCADES Daily Chart

CONCLUSION - AXISCADES Engineering Technologies SHARE PRICE FORECAST

Our best positional trading advice, recommends to buy AXISCADES Engineering Technologies with share price target 75 – 77 in the next few days.

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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