Domestic benchmark indices snapped a two-day losing streak on Monday and settled higher tracking positive global cues and upbeat quarterly earnings. The BSE Sensex jumped 320 points, or 0.53 per cent, to settle at 60,941.67. The NSE Nifty gained 90.90 points, or 0.5 per cent, to close at 18,118.55.
Select stocks such as Axis Bank, Maruti Suzuki and United Spirits were on traders’ radar. Here is what Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers has to say pm these stocks for Tuesday’s trading session:
Axis Bank | Book Profit | Target Price: 930-950 |
For the last seven months, Axis Bank has given a strong return of 55 per cent. At present. the bearish divergence is seen on the daily RSI and daily MACD, along with trendline violation. Having said that, Axis Bank is struggling near its double top around Rs 940-960 levels, along with multiple bearish candlesticks patterns. Thus, one should book profits in the range of Rs 930-950, if tested again. As of now, no fresh longs are advised.
Maruti Suzuki India| Buy (above Rs 8,500) | Target Price: 9,000 | Stop Loss: Rs 8,300
Since October 2022, Maruti has been making lower high-lower low structures, resulting in a 16 per cent cut in the stock price. The said, the counter is trading below all its daily exponential moving averages (12-26-50-100-200 DEMA). At the current juncture, it is struggling to cross above 200-DEMA at about Rs 8,500. If Maruti Suzuki sustains above Rs 8,500, one can buy for a target price of Rs 9,000 and the stop loss would be Rs 8,300. A fresh buying at current levels is not advised, let the counter sustain above Rs 8500 for a couple of sessions and wait and watch.
United Spirits | Buy | Target Price: 860 | Stop Loss: Rs 770
The counter looks lucrative after correcting about 14 per cent after registering a high of Rs 952 on December 12, 2022. At present, daily RSI and MACD are not indicating a buy signal as the stock is placed below all daily exponential moving averages (12-26-50-100-200 DEMA). Bullish divergence on Daily RSI and MACD is expected at around Rs 800 level. We are expecting a solid base formation at around Rs 800 level. If said, the counter sustains around Rs 800 levels, one can buy for a target of Rs 860 with a stop loss of Rs 770.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)
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