Indian benchmark indices settled with decent gains during the trading session Tuesday on the back of positive global cues, triggered by the potential ceasefire between Israel and Hamas and hopes of rate cuts in the near term. BSE Sensex surged 378.18, or 0.47 per cent, to end the day at 80,802.86. NSE’s Nifty50 rallied 126.20 points, or 0.51 per cent, to close at 24,698.85 for the day. Â
Some buzzing stocks– Axis Bank Ltd, Bajaj Auto Ltd and UTI Asset Management Company Ltd (UTI AMC) are likely to remain under the spotlight of traders for the session today. Here is what various brokerage firms have to say on these stocks ahead of Wednesday’s trading session.
Improvement with Bias Witness
Axis Bank has witnessed a decent erosion from Rs 1,340 levels and recently found support near the important 200-period MA of the Rs 1,100 zone, where it has consolidated and is currently indicating a pullback with much improvement in the bias witnessed.
The RSI has recovered significantly from the highly oversold zone to indicate a trend reversal and signal a buy. With the chart looking attractive, we suggest buying the stock for an upside target of Rs 1,350, keeping the stop loss of Rs 1,100.
Bajaj Auto has broken out above the symmetrical triangle pattern at Rs 9,770 on the weekly chart, indicating a continuation of its medium-term uptrend. The previous resistance at Rs 9,250 is now serving as a support zone, in line with the principle of change in polarity.
Indicating A positive Bias
It is positioned above key short and medium-term moving averages of 20, 50, 100, and 200 days, indicating a positive bias. The Weekly RSI strength indicator’s crossover above its reference line has generated a buy signal. The above analysis indicates an upside of Rs 10,550-10,800 levels.
After making a high near Rs 1,095 in August 2021, UTI AMC underwent a corrective move towards Rs 650. The stock made a significant retracement and is now again above all time high.
This has confirmed a multiyear breakout above Rs 1,095 and that too with decent volumes. Thus, we advise traders to buy the stock in the range of Rs 1,090-1,100 with a stop loss of Rs 1,035 for upside target of Rs 1,200.
