“BUY AXISBANK
ABOVE 550 TGT 565/575”
FOR MORE ROCKING CALLS FILL UP THE FORM GIVEN HERE>
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Primary trend of the stock is bullish .After showing correction
from the higher level, now stock is trading in short term recovery phase, it is
likely to continue the upside move in near term with the crossing of the
resistance level of 550 as the stock is managing to sustain above the level of 550.
One may get the targets of 565,575 in the stock with the stop loss of 515. where
one may initiate the short position only below 515 in it for the targets of 490
while stop loss can be placed at 540.
Nifty shuts below 8,700; amid
consolidation
Sensex ended with a loss of 53 points
at 28,077. The Sensex
opened at 28,163 touched an intra-day high of 28,163.41 and low of 27,958.The
Nifty closed with a mere six points loss at 8,693. The Nifty opened at 8,709
hitting a high of 8,709.10 and low of 8,652. Benchmark indices ended
lower weighed down by profit taking in financials and index heavyweight
Reliance Industries. Nifty is now placed near the mean of the channel
pattern & the positive crossover in the RSI indicates a move towards the
upper end of the channel placed near 8,750. Only a sustained move above 8,750
could extend the up move towards 8,900; hence long positions shall be
maintained with a trail stop strategy below 8,600.
A strong break (close)below 8600 will increase
the downside pressure and drag it to 8500,8500. Traders can go short on a break
below 8600 with a stop-loss at 8750 for the target of 8500.
TOP GAINERS: Idea Cellular, Tech
Mahindra, Tata Power, HCL Tech
TOP LOSERS: Axis Bank, Hindalco, Ambuja
Cement, ACC, Cipla and Reliance Industries
