Axis Bank Limited
Last Close: 664.45
Initiation range: 658-662
Stop loss: 640
We're seeing noticeable participation from the banking pack in the recent rally. Among the private banking majors, Axis Bank has witnessed a fresh breakout on January 5, after spending nearly one and a half months in the consolidation range. The exponential surge in volumes further adding to the confirmation. We advise using any intraday dip to accumulate in the given range.
Last Close: 419.70
Initiation range: 418-422
Stop loss: 405
Marico has been gradually inching higher since March 2020 and is currently trading closer to its record high. After a marginal dip, it formed a fresh buying pivot while holding strongly above the support zone of short term moving average( 20 EMA) on the daily chart. Indications are in the favor of a steady rise from hereon. Traders shouldn’t miss this opportunity and accumulate in the mentioned zone.
Shriram Transport Finance Company Limited
Last Close: 1,114.15
Stop loss: 1,050
Shriram Transport Finance has surpassed the hurdle of the previous swing high around 1,108 levels in Tuesday's trade. It has been consistently moving higher after testing the support zone of the short term moving average (50 EMA) on the daily chart. The recent buoyancy in the financial space is pointing towards the prevailing bias to continue ahead as well.
Note: All prices are in rupees
Disclaimer: Ajit Mishra is VP - Research at Religare Broking