Hold Nifty longs with 11,050 stop-loss: Vinay Rajani of HDFC Securities

Nifty outlook
 

Nifty broke out from its 5-day consolidation range of 11,050-11,240 on Tuesday and closed at the highest point of the current upswing. Nifty is in continuation of an uptrend and longs should be held with the stoploss of 11,056. Resistances are seen at 11,350 and 11,500.

Stock recommendations
 

BUY Axis bank (Rs 436) | Target: Rs 465 | Stop-loss: Rs 420

The stock has formed a bullish hammer candlestick pattern after witnessing a healthy correction last week. It took support at upward sloping trend line, adjoining higher bottoms on the daily charts.

BUY Hindalco (Rs 164.4) | Target: