Trade Spotlight: What should investors do with HDFC Bank, Axis Bank & Aditya Birla Fashion?

Experts feel if the Nifty50 continues to hold the psychologically important 15,000-mark, then fresh record highs are possible in the coming sessions.

February 26, 2021 / 08:45 AM IST
 
 
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The market rally continued on February 25 on positive global cues, with the Nifty ending the February F&O series near the 15,100-mark. At close, the Sensex was up 257.62 points, or 0.51 percent, at 51,039.31 and the Nifty was up 115.40 points, or 0.77 percent, at 15,097.40.

Experts feel if the Nifty50 continues to hold the psychologically important 15,000-mark, then fresh record highs are possible in the coming sessions.

Except FMCG, all other sectoral indices ended in the green with metal index rising 4 percent and energy index adding 3 percent. BSE Midcap and Smallcap indices rose 1 percent each.

On the BSE, Metal and Oil & gas indices rose over 3 percent, while Power and Realty indices added more than a percent each.

A volume spike of more than 100 percent was seen in BHEL, PNB and Godrej Properties.

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We have collated views of experts on what investors should do with these stocks when the market resumes trading on February 26:

Expert: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

HDFC Bank: Potential to test Rs 1,735

Currently the stock is trading near all-time high along with higher high and higher low series pattern. It indicates that the stock is in to a strong uptrend and likely to continue its positive momentum in the near term. In addition, on monthly charts, the stock has formed a strong bullish candle along with modest volume activity. On daily charts, Rs 1,550-1,500 should act as a strong support for the stock and sustenance above the same can take it to Rs 1,700-1,735.

Axis Bank: Strong higher bottom series formation

After a strong pullback rally from Rs 615 to Rs 799, the stock is hovering in the range of Rs 750 to Rs 790. However, on daily and weekly charts, the stock has formed a strong higher bottom series formation. The stock is consistently making higher bottom series pattern which is broadly positive for the Axis bank. For the positional traders, Rs 740 or 20-day SMA should act as an important support level. If stock manages to trade above the same, we can expect one more short - term uptrend wave up to Rs 800-835. On the flip side trading below 20-day SMA or dismissal of Rs 740 could possibly trigger short term correction till Rs 690.

Aditya Birla Fashion: Bullish medium-term trend

On the daily charts, the stock has formed expanding triangle kind of formation. Post that formation, the stock is hovering in the range of Rs 160 to 180. The medium term texture of the stock is bullish but currently it is witnessing non directional activity perhaps, traders are waiting for the either side breakout. For the bulls, Rs 190 would be the important breakout level to watch. And if, the stock manages to close above the same, we can expect quick uptrend rally towards Rs 225-235 on the other side, trading below Rs 169 may increase further weakness up to Rs 158.

Disclaimer: The views and investment tips expressed by 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.
Sandip Das
first published: Feb 26, 2021 08:45 am

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