Axis Securities Identifies Stocks for Potential Short-Term Gains Amid Downturn on Indian Equity Markets

Indian Stock Market Update

Key Indicators:

• BSE Sensex: lost almost 1,050 points on Monday
• Nifty 50: closed at 24,865, shedding over 1%

Market Sentiment:

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The Middle East conflict has driven crude oil prices higher, above $80 a barrel, threatening to hurt India's economy and earnings for a dozen sectors. This has prompted a risk-off sentiment, leading investors to dump global equities, including Indian, and take shelter in safe-haven assets like gold and the US dollar.

Stock Recommendations:

Axis Securities is bullish on three stocks that have the scope to offer up to 22% returns in a month:

Glenmark Pharma

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• Buy range: ₹2,110-₹2,068
• Stop loss: ₹2,020
• Upside: 7-10%
• Target: ₹2,227-₹2,300 in the next 3-4 weeks

Glenmark Pharma has delivered a decisive breakout above the symmetrical triangle pattern, breaching the 2,100 mark with a strong bullish candle. The breakout is reinforced by a close above the weekly upper Bollinger Band, triggering a fresh buy signal and highlighting expanding momentum.

Tube Investments of India

• Buy range: ₹2,725-₹2,671
• Stop loss: ₹2,500
• Upside: 15-22%
• Target: ₹3,093-₹3,300 in the next 3-4 weeks

Tube Investments India has staged a decisive breakout above the downward-sloping trendline, surpassing the 2,730 level with a strong bullish candle. The move is backed by a sharp surge in volumes, underscoring strong market participation and conviction behind the breakout.

Chennai Petroleum Corporation

• Buy range: ₹945-₹926
• Stop loss: ₹877
• Upside: 13-15%
• Target: ₹1,053-₹1,080 in the next 3-4 weeks

Chennai Petroleum trades within a well-defined rising channel, rebounding from the lower band and advancing toward the upper band, indicating sustained upward momentum. Momentum indicators further strengthen the outlook.