Nifty Bank hits record high. Here are five stocks that can gain up to 10%

Axis Bank may see huge buying momentum after a strong close above Rs 760. On a bigger scale, the stock has managed to hold around 200-days moving average (DMA) and has not shown any major breakdown

ICICI Bank Ltd (ICICIBANK): The counter has risen with “Higher high, Higher low” formation and hit new life time high on Friday of Rs 542.80 levels, as per the daily chart. The overall trend indicates bullishness till the formation is not broken on a closing basis. At the current juncture, Rs 520 remains as an immediate support and this rally may see Rs 580 and Rs 600 as an immediate level. Although, the Relative Strength Index (RSI) trades in an overbought condition, some selling has been seen on the charts. CLICK HERE FOR THE CHART

 

Axis Bank Ltd (AXISBANK): The counter may see huge buying momentum after a strong close above Rs 760. On a bigger scale, Axis Bank has managed to hold around 200-days moving average (DMA) and has not shown any major breakdown. The 100-DMA remains a key support located at Rs 701 level, above it is 50 DMA placed at Rs 721 level. A decisive close above Rs 760 may take this counter to Rs 810 and Rs 840 levels. Moving Average Convergence Divergence (MACD) has risen above the signal after a small dip, which suggests that a fall from the current levels may be limited. CLICK HERE FOR THE CHART

 

Bank of Baroda (BANKBARODA): The Inverse Head and Shoulder pattern in the daily chart has boosted the upside sentiment for this counter. This move is backed by 50-DMA, placed at Rs 95.45, which becomes the support. No doubt that the 200-DMA located at Rs 110 level becomes the immediate resistance, but the overall trend and formation shows strong upward bias. The RSI and MACD indicators are showing strength, as they trend upward in their respective categories. CLICK HERE FOR THE CHART

 

Bajaj Finserv Ltd (BAJAJFINSV): As this counter has scaled above Rs 8,600, a new phase of an upward trend has commenced. The positive momentum shows a rally towards Rs 9800 in the immediate term. The downside support is located at Rs 8,800 levels. The first sign of weakness may arise if this counter closes below Rs 9,000 for three consecutive sessions. CLICK HERE FOR THE CHART

 

Housing Development Finance Corporation Ltd (HDFC): The counter has absorbed all the selling pressure in the range of Rs 2,300 – Rs 2,350. This shows a short covering and a beginning of a new trend. As it scales new life time high of Rs 2,374, the momentum is rising on buying side. There is a positive crossover of 100-DMA with 50-DMA is seen on the charts, which is a sign of moving averages supportive of an upside. CLICK HERE FOR THE CHART