February 02, 2017
Axis Bank (NSE Cash)
BUY
` 459
` 482 - 486
` 532
14 - 21 Sessions
Weekly Chart
Trend
reversal zone
Source: Falcon (Time: 11:15 IST)
Justification:
Of late, this heavyweight private banking counter has underperformed its peer counters. In last month or so, we have
been witnessing some bottoming formation process after precisely completing the 78.6% Fibonacci retracement of the
entire up move from 363.38 to 638.30. Today, finally, the stock is on the verge of giving a breakout from the
‘Downward Sloping Trend Line’ around 486 on daily chart. This would eventually lead to a confirmation of trend
reversal on weekly chart. Importantly, the ‘RSI-Smoothened’ on weekly chart is extremely positive and hence, we
expect it to provide impetus for the next upward leg of the rally. Thus, we advise traders to buy this stock at current
levels and on declines up to `482 for a target of `532 in coming 14 - 21 sessions. The stop loss for this trade set up
can be kept at `459.
Sameet J Chavan
022-3935 7600 Extn: 6552
1
February 02, 2017
Last 8 recommendations
Buying/Selling
Date
Stocks
Recom.
CMP Target 1 Target 2 Stop-loss
Status
Range
02-02-17
IBulHSG
BUY
780 - 786
785
860
-
744
Active
01-02-17
Mcleod Russel
BUY
156 - 158
162
170
-
151
Active
27-01-17
Petronet
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381 - 384
390
415
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366
Active
24-01-17
Heidelberg Cement
BUY
118 - 119
131
134
-
110
Active
20-01-17
Jubl Food
BUY
865 - 871
915
945
-
828
Active
19-01-17
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BUY
248 - 250
247
276
-
235
Active
19-01-17
Torrent Power
BUY
191-192.50
200
206
-
184
Active
19-01-17
Ambuja Cement
BUY
217 - 219
-
238
-
208
Booked at 235
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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