Axis Bank, India Cement: Mehul Kothari bets on 2 stocks post correction

The stock of Axis Bank underwent some profit booking and almost retested that breakout zone

BUY AXIS BANK | TARGET: Rs 840 | STOP LOSS: Rs 750

A couple of weeks back, AXIS BANK confirmed a breakout above 750 mark and gave a decent run up above 800-mark due to exceptional results. After that, the stock underwent some profit booking and almost retested that breakout zone. At this juncture, the stock is poised for fresh upside. Thus, traders can buy the stock near 785-mark with a stop loss of 750 for upside target of 840 in 3 – 5 weeks.

BUY INDIACEM | TARGET: Rs 230 | STOP LOSS: Rs 195

In the past one month, INDIACEM has corrected around 20 per cent from its peak of 260. Currently, it is hovering above the psychological level of 200-mark and that is a decent support. Also, it has retraced over 61.8 per cent of the entire rally which started from the low of 170 and that makes it a lucrative buy. Thus, traders can buy the stock near 208-mark with a stop loss of 195 for upside target of 230 in 3 – 5 weeks.

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Disclaimer: Mehul Kothari is AVP – Technical Research at Anand Rathi Shares & Stock Brokers. He may or may not hold any position is the above mentioned stocks. Views are personal.