 "Buy Axis Bank for a target of Rs 690, stop loss of Rs 600: HDFC Securities")
Technical calls and outlook on Nifty by Vinay Rajani, technical analyst at HDFC Securities:
Nifty View
Nifty has been registering new all-time highs day by day and has reached above 11,570. Nifty is in continuation of an uptrend and next resistance is seen at 11,768, which happened to be Fibonacci extension levels of the recent swings. As far as support is concerned 11,500 would be the key level to watch out for.
Buy Axis Bank
Target: Rs 690
Stop-loss: Rs 600
Also Read
Symmetrical Triangle breakout on the monthly charts, indicating a continuation of an uptrend. Breakout from consolidation, which held for last 14 quarters. Volumes have been rising along with the price rise for the last three months. The stock price has been trading above 20,50,100 and 200 DMA. Indicators like MACD and ADX have turned bullish on the daily and weekly charts. We recommend buying AXISBANK for the upside target of 690, keeping SL at 600.
Buy L&T Financial Holdings
Target: Rs 215
Stop-loss: Rs 169
Bullish “Flag” pattern breakout on the daily charts, indicating a continuation of an uptrend. Volumes have gradually gone up along with the price rise for the last four sessions. The stock price has been trading above 20,50 and 200 DMA. Indicators like RSI and ADX have turned bullish on the daily and weekly charts. We recommend buying L&TFH for the upside target of 215, keeping SL at 169.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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