ALSO READNifty outlook and few trading ideas by Chandan Taparia of MOSL Nifty outlook and top two trading ideas by Motilal Oswal Securities Nifty outlook and stock picks from Chandan Taparia at MOSL Nifty Outlook and few trading ideas by Chandan Taparia of MOSL Nifty outlook and stock picks from Motilal Oswal Securities
Nifty index failed to surpass its life time high of 10138 and witnessed a decline of 50 points from its intraday high of 10,131. It formed a ‘Spinning Top’ candle on the daily chart as it took breather after the positive move of last four trading sessions. Index closed the day with the loss of around 13 points but has been making higher highs – higher lows from last three trading sessions. Trend of the market is intact to positive but if it sustains below 10,050 then only a profit booking could be seen towards 10,000-9,980 zones while on the upside a decisive move above 10,138 could commence the next leg of rally towards 10,200 then 10,350 marks.
ASHOK LEYLAND - BUY
Last Close: Rs 117
Stop Loss: Rs 112
Target: Rs 126
It formed a Cup and Handle pattern on the weekly chart and trading at its life time high territory. On the daily charts we see that the price has moved out of a small flag pattern which is again a bullish sign. It is poised to seek significant gains as entire Auto sector is showing attraction again.
AXIS BANK - BUY
Last Close: Rs 1,823
Stop Loss: Rs 1,770
Target: Rs 1,920
Axis Bank has taken support near to 492 and has been making higher lows from last three trading sessions which indicates that sustained buying interest is seen at these levels. It managed to hold the support even after the profit booking decline in the broader market which indicates potential to bounce towards 515 zones. Thus recommending to buy the stock with the stop loss of 492 for an upside target of 515 levels.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.