MARKETS AT A GLANCE

 BY NISHTHA GARG 

 

Have a look at some of the trending stocks this Holi: 

1. Axis Bank | Sell | Target: Rs 700         

Banking has been a major culprit in all intermediate corrections, and Axis Bank has managed to remain sturdy even though the Bank Nifty index has been underperforming the benchmark. For the last few sessions, some signs of fatigue have been noticed on the charts, with the stock slipping below its recent consolidation range. The stock is expected to face stiff resistance around the Rs 730–735 levels. Going short on the stock is recommended for a target of Rs 700 in the coming days, with a stop loss at Rs 746.

2. Bandhan Bank | Buy | Target: Rs 370.    

The stock is hovering in the range of Rs 320-360 after a sharp correction. However, the medium-term wave structure of Bandhan Bank is still on the positive side. Hence, an ideal strategy should be to add this stock near its support levels. Moreover, it has taken strong support near a 200-day simple moving average along with modest volume activity.

3. SBI Life | Buy | Target: Rs 970                  

The stock has registered a sharp surge in the recent past, but it has failed to sustain higher levels after the Rs 955 breakout and corrected nearly 10 per cent due to consistent selling pressure. However, the medium-term structure of the stock is still on the positive side, and likely to continue in the near term. In addition, on the weekly charts, the stock is still maintaining a higher bottom series formation, which is broadly positive. 

4. Godrej Industries | Buy | Target: Rs 570

The stock has broken out on the daily chart to close at its highest level since April 2019. The short-term trend is positive where it is trading above its five- and 20-day exponendial moving averages. Also, the directional indicator is placed above the minus side while ADX is placed above 20, indicating momentum in the current uptrend. Volumes have been higher on the up days in comparison to down days in the last few weeks, indicating accumulation in the stock.

5. Mastek | Buy | Target: Rs 2,200             

The stock started its recent upmove from the Rs 881.5 mark, and made a high of Rs 1,460 in January 2021. Since then, profit-booking has followed, with the stock making a series of higher bottoms starting at Rs 1,065. The stock recently gave a pattern breakout backed by supportive volumes, and made a high of Rs 1,318, and is trading above all averages that are in a rising trend.