Axis Bank, Coal India, UPL: Trading strategies for these 3 large cap stocks
Axis Bank is taking support at the line of polarity on the daily timeframe. It has closed with a big bullish candlestick above the highs of the last five days, which indicates strength.
- Sep 28, 2023,
- Updated Sep 28, 2023 7:58 AM IST
Domestic equity benchmarks on Wednesday staged a smart intraday recovery to eventually settle higher. After gyrating in a range of 625 points, the BSE Sensex settled 173.22 points, or 0.26 per cent, higher at 66,118.69. The NSE Nifty advanced 51.75 points, or 0.26 per cent, to end at 19,716.45. Some active largecap stocks namely Coal India, Axis Bank and UPL are likely to remain under the spotlight today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities to say on these stocks ahead of Thursday's trading session:Coal India | Buy | Target Price: Rs 312 | Stop Loss: Rs 278 Coal India Ltd is exhibiting an uptrend on the larger degree charts. It has given a breakout of Flag pattern with bullish candle on the daily chart, which is suggesting continuation of the positive trend. The momentum oscillator RSI is trading above the 60 mark on the daily timeframe, indicating strength. The ichimoku cloud is also suggesting a bullish move, as the price is trading above the cloud. These factors indicate that a bullish move on the counter is possible for targets up to Rs 312 level. One can initiate a buy trade at Rs 288-290 range with a stop loss placed at Rs 278 on a daily closing basis.Axis Bank | Buy | Target Price: Rs 1,105 | Stop Loss: Rs 979 Axis Bank Ltd is seen taking support at the line of polarity on the daily timeframe . It closed with a big bullish candlestick above the highs of the last five days, which indicates strength. The momentum oscillator RSI (14) tands at 65 level on the daily time and is showing strength. The stock is also trading above all key EMAs on the weekly timeframe. The above factors indicate that a bullish move on Axis bank is possible for targets up to Rs 1,105 level. One can ‘buy’ Axis Bank around Rs 1,015-1,025 with a stop-loss of Rs 979.UPL | Buy | Target Price: Rs 686 | Stop Loss: Rs 575 UPL Ltd has been a big underperformer in 2023, as it has lost about 14 per cent. It has not participated in big up moves of the year. Now, it is showing signs of forming a bottom. It is bouncing off from its line of parity. Thereafter, the process of base building comes into play. A bullish crossover in MACD with declining histogram also suggest pullback from the lower levels. One can buy around Rs 610-615 for a reversal move towards Rs 686. Maintain a stop loss at Rs 575.Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Domestic equity benchmarks on Wednesday staged a smart intraday recovery to eventually settle higher. After gyrating in a range of 625 points, the BSE Sensex settled 173.22 points, or 0.26 per cent, higher at 66,118.69. The NSE Nifty advanced 51.75 points, or 0.26 per cent, to end at 19,716.45. Some active largecap stocks namely Coal India, Axis Bank and UPL are likely to remain under the spotlight today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities to say on these stocks ahead of Thursday's trading session:Coal India | Buy | Target Price: Rs 312 | Stop Loss: Rs 278 Coal India Ltd is exhibiting an uptrend on the larger degree charts. It has given a breakout of Flag pattern with bullish candle on the daily chart, which is suggesting continuation of the positive trend. The momentum oscillator RSI is trading above the 60 mark on the daily timeframe, indicating strength. The ichimoku cloud is also suggesting a bullish move, as the price is trading above the cloud. These factors indicate that a bullish move on the counter is possible for targets up to Rs 312 level. One can initiate a buy trade at Rs 288-290 range with a stop loss placed at Rs 278 on a daily closing basis.Axis Bank | Buy | Target Price: Rs 1,105 | Stop Loss: Rs 979 Axis Bank Ltd is seen taking support at the line of polarity on the daily timeframe . It closed with a big bullish candlestick above the highs of the last five days, which indicates strength. The momentum oscillator RSI (14) tands at 65 level on the daily time and is showing strength. The stock is also trading above all key EMAs on the weekly timeframe. The above factors indicate that a bullish move on Axis bank is possible for targets up to Rs 1,105 level. One can ‘buy’ Axis Bank around Rs 1,015-1,025 with a stop-loss of Rs 979.UPL | Buy | Target Price: Rs 686 | Stop Loss: Rs 575 UPL Ltd has been a big underperformer in 2023, as it has lost about 14 per cent. It has not participated in big up moves of the year. Now, it is showing signs of forming a bottom. It is bouncing off from its line of parity. Thereafter, the process of base building comes into play. A bullish crossover in MACD with declining histogram also suggest pullback from the lower levels. One can buy around Rs 610-615 for a reversal move towards Rs 686. Maintain a stop loss at Rs 575.Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.