Voda Idea, Burger King, ICICI Bank: Strategies for result-driven stocks

Follow-up buying in some of these stocks can see them move up in the sessions ahead. However, investors need to be mindful of the overall market volatility besides the technical setup

Axis Bank Ltd (AXISBANK)
Likely target: Rs 800
Upside potential: 6.50%

The “Double Bottom” breakout suggests a positive outlook for the shares of Axis Bank that had crossed the 200-day moving average (DMA) recently. It has managed to hold the support at Rs 700 levels, which is the 50-DMA. In future, a move above the Rs 750 mark, the last resistance, could see the continuation of the positive sentiment sparked by the “Double Bottom” breakout. That might eventually see shares moving towards Rs 800 levels in the sessions ahead. CLICK HERE FOR THE CHART

ICICI Bank Ltd (ICICIBANK)
Likely target: Rs 840
Upside potential: 6%

In the last five sessions where the index failed to hold ground, ICICI Bank shares succeeded to close in the green for a few sessions. Such price action exhibits the core strength in the stock. Rs 700 stays as the major support area, which is the breakout mark of “Double Bottom”, according to the daily chart. And as long as this level is defended, the reversal may see sharp up move towards Rs 840 levels.  CLICK HERE FOR THE CHART
 
Vodafone Idea Ltd (IDEA)
Likely target:  Rs 15
Upside potential:   35%

The outlook for the shares of Vodafone Idea stays bullish above the noteworthy support of 200-DMA, currently positioned at Rs 10. The range of Rs 10 to Rs 9 seems to be the accumulating phase, according to the daily and weekly setup. And as long as this support is protected, the stock may see a sharp up move in the medium-term towards Rs 15 levels. The reversal from the major mark of Rs 4.55 in August 2021 has seen follow-up buying range as Rs 10 - Rs 9, which this remains a decisive mark for this counter. CLICK HERE FOR THE CHART

 
Burger King India Ltd (BURGERKING)
Outlook: stay cautious, avoid

The Burger Kind India dipped to a new 52-week low in intraday session on Tuesday. The earlier support of Rs 137 has now become the immediate resistance for this counter. To move forward, the stock not only needs to conquer this hurdle, but also has to overcome Rs 150 levels, which is the probable breakout mark for this counter. CLICK HERE FOR THE CHART
 
 
Bandhan Bank Ltd (BANDHANBNK)
Outlook: Needs to build follow-up buying

The counter failed to hold on to higher levels several times after crossing the 200-DMA in the past six months. This was on account of the disappointing follow-up move. The stock now needs to close firm for at least three sessions with rising volumes on each day and only then can hit move upside towards Rs 340 and Rs 370 levels that are its key resistance levels. The immediate support comes in at Rs 280 levels, which also is the 50-DMA for this counter. CLICK HERE FOR THE CHART