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Here's why Osho Krishan is bullish on Axis Bank, BirlaSoft and Gujarat Gas

According to the technical analyst from Anand Rathi, Axis Bank is in a secular uptrend and can rally up to Rs 870

Topics
Stock calls | Market technicals | Markets

Osho Krishan  |  Mumbai 

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis

BUY AXISBANK
TARGET: Rs 870
STOP LOSS: Rs 770


AXISBANK is in secular uptrend, trading in the cycle of higher highs, higher lows in all time frames indicating inherent strength in the counter. Also the stock is placed above all its major exponential moving averages on daily chart supporting the bullish trend. On oscillator front, 14-period RSI is signalling strength whereas the MACD line is well placed above the signal line affirming the bullish stance in the counter in near future.

BUY BIRLASOFT LTD
TARGET: Rs 448
STOP LOSS: Rs 398

BSOFT is trading in a rising channel on a daily time frame. The stock has seen a strong resurgence from the lower band of the channel in the recent past and this time the lower band is being accompanied by the cluster of short-term exponential moving averages (21 & 50 DEMA) indicating a strong demand zone for the counter. Hence looking at the technical setup and the risk-reward ratio, it is advisable to go long in the counter from a short-term perspective.

BUY LTD
TARGET: Rs 664
STOP LOSS: Rs 604

GUJGASLTD has retraced nearly 61.80 percent from its lifetime high zone and has seen firm consolidation near the same from the past couple of trading sessions, suggesting the formation of a strong base. On the daily timeframe, the stock is hovering near to its 100 DEMA that historically has proved to provide strong support to the counter. Even the stock is hovering near the mean of Bollinger band (20, 2) indicating an early sign of reversal in the counter.

Osho Krishan is senior manager – Equity Research at Anand Rathi Shares & Stock Brokers. Views are personal.

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First Published: Fri, October 22 2021. 07:43 IST
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