Apollo Tyres, Axis Bank: Top picks by Osho Krishan of Angel One for Aug 26

Stock Recommendations:

NSE Scrip: Apollo Tyres 

View:   Bullish
 

Last Close: Rs 508.60

Apollo Tyres has recently experienced a notable decrease from its peak of 568 to approximately 200 SMA on the daily time frame chart. Historically, this level has served as a reliable support, sparking a strong rebound in the stock. Going ahead, the stock has started gaining traction in the last couple of trading sessions, adding up to the historical view.

From a technical perspective, the indicators have rebounded from oversold conditions and have displayed a positive crossover, signalling a bullish trend in the stock.

Hence, we recommend to 'Buy' Apollo Tyres around Rs 505-500 | Stop Loss: Rs 475 | Target: Rs 550

NSE Scrip: Axis Bank 

View: Bullish

Last Close: Rs 1,165.95

Axis Bank witnessed a steep correction from the peak of 1340 and has retracted to 61.80 per cent of the recent rally. The recent correction plunged the counter towards the multi-layer support zone, starting from the historical consolidation to the 200 SMA on the daily structure.

Both the support construes strong support and provide an opportunity to accumulate the counter from a short to medium-term view. Also, on the oscillator front, MACD signals a reversal move, suggesting a potential upside journey for the counter.

Hence, we recommend to ‘Buy’ Axis Bank around Rs 1,160-1,150 | Stop Loss: Rs 1,110 | Target: Rs 1,260

(Osho Krishan is a senior analyst of technical & derivatives at Angel One Ltd. Views expressed are his own.)