Wipro, Axis Bank, SBI Card: How should you trade these stocks?

Tracking firm global cues, domestic stock indices settled higher on Monday, thanks to buying in select heavyweights. The BSE Sensex gained 240.36 points, 0.38 per cent, to end the day at 62,787.47. The NSE Nifty rose 59.75 points, or 0.32 per cent, to end the session at 18,593.85.

Select stocks including SBI Cards and Payment Services, Wipro and Axis Bank are likely to remain under the spotlight on Dalal Street for the session. Here is what Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:
 
SBI Cards and Payment Services | Buy | Target Price: Rs 980-1150 | Stop Loss: Rs 875
SBI Card gave a decent rise from the bottom it made near Rs 700-710 levels.  It has moved past the significant 50-EMA level at Rs 740 zone and also the all-important 200-DMA level of Rs 820, strengthen ingthe trend. One can maintain ‘Buy’ on this stock for an initial target of Rs 980. If the positive trend sustains, the stock can even achieve the second target of Rs 1,150 level. The zone near Rs 875-880 will offer near-term support, below which the bias and trend would turn negative.  

Axis Bank | Buy | Target Price: Rs 980-1000 | Stop Loss: Rs 910
Axis Bank saw a pullback near the significant 200-DMA level of Rs 815, where it bottomed out earlier. It broke above the important 50-EMA level of Rs 860, which has strengthened the trend.  At present, the stock has regained after a short correction and witnessed a fresh round of momentum, with expected target of Rs 980-1,000 level. One can keep a stop loss at Rs 910  and anticipate for further gains in the coming days.
 
Wipro | Buy | Target Price: Rs 440-450 | Stop Loss: Rs 395
Wipro has witnessed a significant upward move in the past two months. It crossed its 50-EMA and 200-DMA levels, improving the bias. It also boke above the falling trendline zone of Rs 400, further strengthening the overall trend. One can buy the stock, keeping the stop loss near the 200DMA level of Rs 395,  and expect further gains towards Rs 440-450 levels in the coming days . The RSI indicator has picked up well and indicated a strong bias to justify our recommendation.
 

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

Also read: Stocks to watch on June 6, 2023: Wipro, Paytm, SBI Cards, Tata Power, etc