M&M can move up, ICICI Bank looks good: Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, “Mahindra & Mahindra (M&M) was one of the standout performers because other auto stocks did not show as much strength. Of course Maruti Suzuki did but Tata Motors showed the same strength that M&M showed.”

“M&M can still move up, it is on a pullback rally and the pullback rally target would be somewhere between Rs 1,246 and Rs 1,254 where the 200-day exponential moving average is located. Put a stop loss below Rs 1,184, you have a good trade in M&M going,” he said. “Axis Bank is a momentum play and this is the kind of momentum that you would expect to trade on a morning that is promising to be a good one. This stock among the banks performed pretty well. So Rs 417 is my stop loss, and Rs 430 and Rs 437 are the targets. If the banking sector continues to rally, Axis would continue to move up. At least I have a feeling that Rs 437 to about Rs 440 could well be on the cards. So I am trying to capitalise on that.” “I have chosen private sector banks today. For the moment, ICICI Bank looks good to me, Rs 229 would be the stop loss and Rs 237 to about Rs 239.50 would be two achievable targets. It can even continue further than that if the pullback rally continues.”