 "Trading calls by Ajit Mishra of Religare Broking: Buy Axis Bank, Marico")
Axis Bank Limited
Recommendation: Buy
Last Close: 664.45
Initiation range: 658-662
Target: 710
Stop loss: 640
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We're seeing noticeable participation from the banking pack in the recent rally. Among the private banking majors, Axis Bank has witnessed a fresh breakout on January 5, after spending nearly one and a half months in the consolidation range. The exponential surge in volumes further adding to the confirmation. We advise using any intraday dip to accumulate in the given range.
Marico Limited
Recommendation: Buy
Last Close: 419.70
Initiation range: 418-422
Target: 450
Stop loss: 405
Marico has been gradually inching higher since March 2020 and is currently trading closer to its record high. After a marginal dip, it formed a fresh buying pivot while holding strongly above the support zone of short term moving average( 20 EMA) on the daily chart. Indications are in the favor of a steady rise from hereon. Traders shouldn’t miss this opportunity and accumulate in the mentioned zone.
Shriram Transport Finance Company Limited
Recommendation:Buy
Last Close: 1,114.15
Initiation range:1,100-1,110
Target:1,210
Stop loss: 1,050
Shriram Transport Finance has surpassed the hurdle of the previous swing high around 1,108 levels in Tuesday's trade. It has been consistently moving higher after testing the support zone of the short term moving average (50 EMA) on the daily chart. The recent buoyancy in the financial space is pointing towards the prevailing bias to continue ahead as well.
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Note: All prices are in rupees
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
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