 "Mehul Kothari recommends buying Axis Bank, Fine Organic above these levels")
Axis Bank
Buy Above Rs 652
Target: Rs 670
Stop Loss: Rs 640
During yesterday’s closing hour, Axis Bank managed to close near the day's high which indicates strength. The stock has still not breached its May 2022 low of Rs 630 which displays outperformance.
On the daily time frame, we are witnessing a bullish hammer like formation. Thus, traders can buy the stock above Rs 652 with a stop loss of Rs 640 for an upside target of Rs 670 in coming 2 – 3 trading sessions.
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Fine Organic
Buy Above Rs 4,820
Target: Rs 5,200
Stop Loss: Rs 4,620
The stock of Fine Organic had a phenomenal rally from almost Rs 4,000 mark to Rs 6,200 in the last week of May 2022. Thereafter the stock has witnessed a corrective move and now the stock has retraced 61.8 per cent of the entire rally.
The stocks is again trading near its breakout level and that might bring further demand. Thus we advise traders to go long in the stock above Rs 4,820 with a stop loss of Rs 4,620 for an upside target of Rs 5,200 in 1 – 2 weeks.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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