E Margin Stock Pick - Buy Axis Bank Ltd For Target Rs. 790 - HDFC Securities
* Axis Bank has been consistently falling in the last few weeks after testing a high of 799 in February 2021.
* The stock has found support around the 626 levels which also roughly coincides with a previous intermediate low tested in January 2021. This implies a double bottom formation on the weekly charts.
* Technical indicators are giving positive signals as the 200 day EMA is providing support to the stock. Momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.
* With the intermediate and long term technical setups too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.
Buy Axis Bank Ltd 1-3 Months @ Buy between 663-676 CMP 668.95 TGT 790 SL 626
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