 "Stock tips from Anand Rathi; Buy Axis Bank, Maruti Suzuki, L&T")
BUY MARUTI SUZUKI
It has negated its immediate weakness of lower top - lower bottom formation and turning from its support of Rs 4,220 zones with rising volumes. It has been making higher highs – higher lows from last three trading sessions with strong price momentum. Overall major trend of the stock is positive and recent profit booking provides a good opportunity to buy the stock for next leg of rally. Thus recommending the traders to buy the stock with the stop loss of Rs 4,320 for the upside target of Rs 4,560 levels.
BUY AXIS BANK
It is turning from its multiple support of Rs 485 zones and set to cross its falling supply trend line. It has negated the negative trend of last three weeks and moving upwards from last four trading sessions with buying interest in all the heavyweights banking counters. We are expecting it to continue its momentum towards Rs 520 and higher levels. So, traders can buy the stock with the stop loss of Rs 487 for the upside target of Rs 520 levels.
BUY L&T
It took support near to Rs 1,420 zones at the beginning of October series and noticeably this support is holding well from last seventeen series. It is turning from the lower band of the trading range and registered a breakout from the consolidation of last nine sessions and gave the highest daily close of last twenty sessions. Thus recommending the traders to buy the stock with the stop loss Rs 1,555 for the upside immediate target of Rs 1,666 levels.
SELL JSW STEEL
It is continuously finding hurdle at Rs 950 levels and has been underperforming the broader metal sector. The overall trend of the counter is intact to negative and has been witnessing selling pressure at every minor attempt to bounce back. Thus recommending selling the stock with the stop loss of Rs 937 for the downside target of Rs 880 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research