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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

Stock calls | Market technicals | Markets

Osho Krishan  |  Mumbai 

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

TARGET: Rs 870

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.

TARGET: Rs 448

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.

TARGET: Rs 664

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