Short Axis Bank, buy Amara Raja, like TCS: Motilal Oswal

Sacchitanand Uttekar of Motilal Oswal Financial Services told CNBC-TV18, "We are seeing further selling in some of the banking names where in Axis Bank we have already seen a breakdown from a firm continuation pattern. This is indicating that the stock could decline right up to Rs 475. A short call can be initiated even at this price level with a stop loss of Rs 506." "The buy call that we have is on Amara Raja Batteries. If you look at the entire structure, the stock has been very secular uptrend. Even despite of the volatility higher-top higher-bottom series even on the daily scale has been maintained well. What we expect is that the stock has the potential to go right up to Rs 1,120 and thus it can be participated on the long side," he said. "We like Tata Consultancy Services (TCS). If you look at the overall medium-term structure, the stock has been oscillating within the band of Rs 2,800 on the higher side and lower side Rs 2,450 has been a good base for the stock. Even at this juncture, the decline has not been seen in this particular stock so much and it provides a very good opportunity right now to even place long bets. Stop loss can be place around Rs 2,530 and expect a target of around Rs 2,800." Disclosure: The stocks that we have discussed we have recommended them to our clients but I don’t personally hold them.