Nifty and Bank Nifty have got its daily trend up with now Nifty closing at 200DMA. For this trend to sustain, Nifty needs to comfortably move past 10750-10780 levels for projected target of 11000. The support for the day is seen at 35500/10670 while resistance is seen at 36050/10800. Bank Nifty would have a range of 26350-26950. Axis Bank, IndusInd Bank along with SBI look positive for days to come.
BUY AXIS BANK
CMP: Rs 619.95
TARGET: Rs 680
STOP LOSS: Rs 580
The stock has made a higher bottom formation pattern in the daily chart taking support at around 580 levels and has improved the bias and currently with bullish positive candle formation has signified strength and has potential to carry on the momentum still further upward in the coming days. The RSI has indicated a trend reversal to signal a buy and with the chart looking attractive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 680 keeping a stop loss of 580.
BUY INDIA BULL HSG FIN
CMP: Rs 734.30
TARGET: Rs 825
STOP LOSS: Rs 670
The stock has made a bottom at around 665 levels and on previous occasions also it has maintained a good support at these levels. A strong pullback has been indicated to signify strength and we anticipate a similar momentum to continue in the coming days to take the stock to new heights and with the RSI also indicated a trend reversal it has signaled a buy. With good consistent volume participation witnessed and the chart looking attractive, we recommend a buy in this stock for an upside target of 825 keeping a stop loss of 670.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.