Buy HDFC, Axis Bank, Lupin, M&M stocks to pocket gains; Nifty support at 15,700-15,750
时间:2024-06-02 06:13:52 阅读（143）
By Shrikant Chouhan
After a muted last week’s price action, this week’s opening was positive but post strong opening once again the Nifty 50 / BSE Sensex took resistance near 15780/ 52700 and corrected sharply. Despite sharp intraday fall indices one more time held 15630/52220 support level and reversed sharply. In contrast to Monday’s trade, today the market sustained after the initial round of profit-taking and quickly reversed back to 15800/52700 levels, which is broadly positive for the benchmark indices. Purely under the leadership of financials, the market has managed to close above the levels of 15800/52700.
Housing Development Finance Corporation (HDFC) BUY, CMP: Rs 2,544.9, TARGET: Rs 2,670, SL: Rs 2,490
Post formation of the double bottom chart pattern, a strong recovery is seen in the counter with incremental volume activity on the daily chart, additionally, the stock has given a breakout of the supply trend line which endorses reversal of the trend for further up move.
LupinBUY, CMP: Rs 1,165.1, TARGET: Rs 1,220, SL: Rs 1,140
Post correction from the highs of around 1250 the stock went into an accumulation phase, eventually, it has formed a rounding bottom chart formation with rising volume and retreated from the lower levels for a fresh leg of uptrend in coming trading sessions.
Mahindra & Mahindra (M&M) BUY, CMP: Rs 781.15, TARGET: Rs 820, SL: Rs 765
On the monthly scale, the stock has presented a robust rally and presently the counter is trading in a range forming the Symmetrical triangle chart pattern. However, the recent price action indicates a strong breakout is very likely in the coming time horizon.
Axis Bank BUY, CMP: Rs 770.75, TARGET: Rs 810, SL: Rs 755
The stock is into a gradual up move with higher high and higher low chart formation on the daily chart. However, on a broader time frame, the breakout from the Inverse Head and Shoulder chart pattern is evident which indicates a strong bullish movement to persist in the near term.
(Shrikant Chouhan is Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author’s own.)
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