Buy HDFC, Axis Bank, ICICI Bank; sell Lupin: Amit Harchekar

Amit Harchekar, Chief Technical Strategist at A Plus Analytics told CNBC-TV18, "HDFC has retraced nearly its 88 percent of the entire down move of what we seen from October and right now the stock is trading near the strong support zone of around Rs 1,120-1,130. There is a good scope for re-bound even in this counter since it carries weightage of more than 7 percent in Nifty. We are expecting the stock to again rebound and test the upper band of these resistances which falls around Rs 1,200-1,220. So, Rs 1,100 would be stop loss for long positions and one can play on the long side.""Second recommendation would be buying on Axis Bank. Today, the stock has given a one bar reversal. Yesterday, we had a doggy star and that was followed with a gap up opening. Now this sequence indicates that the stock has already hit a near term bottom and high scope of again the stock testing the resistance zone of at least Rs 415-420 in the near-term. The stop loss for long trade would become the low of that doggy which could be around Rs 370," he said."Third recommendation would be buy on ICICI Bank. Similar case is visible, a bullish morning star with a gap up opening in today’s trade. Stop loss for your trade would be at around Rs 218 because that was the low of that doggy and the stock would at least test levels of Rs 240-255 in the near-term. These three counters are looking extremely bullish and that is why we are also expecting good re-bound in Nifty.""Technically, Lupin has confirmed the start of a bear market and right now, we are expecting wave three of this bear market. On daily chart now, it is clearly visible that stock has broken below neckline of head and shoulder top and the neckline for the long positions now is at around Rs 1,780. So, we are expecting the stock to drift lower. We are expecting target somewhere around Rs 1,580-1,600. However, from a short-term perspective, Rs 1,780 would be stop loss for short sell positions and we can expect slide of at least 5-6 percent in the next few weeks."