Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One
The financial year 2022 bid adieu on a positive note as the benchmark index finally made headway to emerge from the slumber phase on the very last day of the year. Despite all the whipsaw moves throughout the week, the Nifty50 index concluded on a positive note, gaining nearly 2.50 percent from its previous close and settling a tad above the 17,350 level on March 31.
Technically speaking, the last two trading sessions construe positive developments and it is highly anticipated to continue the cheerful run in the upcoming financial year. The broad-based buying has levitated market sentiments and can be seen as a sign of progression as we emerged from the slumber phase.
As far as levels are concerned, the bullish gap of the 17,200-17,130 odd zone is expected to cushion any short-term blip, with the sacrosanct support placed around the psychological mark of 17,000 for the time being. While on the higher end, a decisive move beyond the bearish gap of 17,450-17,580 would affirm the trend reversal in the market.
Going forward, we remain sanguine with the current momentum and would advocate the traders to utilize the dips to add long positions in the index in the comparable period.
Here are two buy calls with short-term view:
Axis Bank: Buy | LTP: Rs 858.50 | Stop-Loss: Rs 828 | Target: Rs 892-900 | Return: 5 percent
Axis Bank has seen a decisive spurt in the last two trading sessions, backed by notable volumes on the daily chart, signifying positive development in the counter.
On a technical aspect, the stock is on the verge of a ‘double bottom’ breakout, which is being supported by a positive crossover on the 14-day RSI, adding to the bullish quotient.
Hence, we recommend to buy Axis Bank in the range of Rs 855-858, for a target of Rs 892-900.
TVS Motor Company: Buy | LTP: Rs 1,077.20 | Stop-Loss: Rs 1,030 | Target: Rs 1,120-1,130 | Return: 5 percent
TVS Motor is in a secular uptrend and hovers well above all its EMAs (exponential moving averages) on the daily chart. The stock has recently seen some buying traction and emerged above the sloping trendline on the daily time frame, adding to a bullish quotient.
The primary indicators align with the trend suggesting a continuation in the movement in a comparable period. Hence, we recommend to buy TVS Motor Company with a target of Rs 1,120-1,130.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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