The latest analysis and commentary by stock market guru Chandan Taparia of Motilal Oswal Securities on what is moving the markets today.
He also spoke at length on Reliance Industries, Axis Bank and Aurobindo Pharma.
“Recommending to go long on Reliance Industries. This stock has given a consolidation breakout and also surpasses falling supply trend line on the weekly scale. This momentum is happening after the correction and the consolidation of the last three weeks and the stock has seen Put writing activity and also supporting to 50 day exponential moving average so entire data set up indicates the positive momentum in the Reliance and this stock has potential to lead the Nifty to the higher territory so recommending to go long on the Reliance Industries with a stop loss of Rs 1,252 and this stock has potential to move towards Rs 1,325-1,327 levels on the higher side.”
“Second trade is buy on Axis Bank. This is one of the strongest counter in the private banks. We have seen the strong momentum in ICICI Bank and Axis Bank and because of that Bank Nifty also they lead by around 500-700 points. We are expecting Axis Bank to perform better so here the positive momentum in Axis Bank the stock has seen the positive price pattern, high rise higher lows is clearly visible. Longs are intact, positive rollovers also indicates that momentum could continue. So recommending to go long on Axis Bank with a stop loss of Rs 722 and here we are expecting a move towards Rs 764.”Disclaimer
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