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

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

http://www.religareonline.com/disclaimer