Tuesday’s trading session saw key Indian indexes close with respectable gains due to encouraging global cues, including the possibility of an impending Israel-Hamas peace and expectations of interest rate decreases shortly. BSE Sensex closed the day at 80,802.86, up 378.18, or 0.47 per cent. The Nifty50 on the NSE gained 126.20 points, or 0.51%, to end the day at 24,698.85.
Axis Bank Ltd., Bajaj Auto Ltd., and UTI Asset Management Company Ltd. (UTI AMC), three popular equities, are probably going to stay in traders’ crosshairs for the duration of today’s trading session. Before Wednesday’s trading session, the following is what several brokerage firms had to say about these stocks:
Axis Bank
After seeing a fair amount of loss from the Rs 1,340 levels, Axis Bank most recently found support close to the significant 200-period MA of the Rs 1,100 zone, where it has stabilized and is now showing a pullback with a significant improvement in the bias observed. An indication of a trend reversal and a buy signal has been provided by the RSI’s notable recovery from the very oversold zone. We advise purchasing the stock with a stop loss of Rs. 1,100 and an upside objective of Rs. 1,350 because the chart appears appealing.
Bajaj Auto
On the weekly chart, Bajaj Auto has broken out above the symmetrical triangle pattern around Rs 9,770, suggesting that its medium-term uptrend will continue. According to the theory of change in polarity, the prior resistance at Rs 9,250 is currently acting as a support zone. Its positive tilt is indicated by its placement above significant short- and medium-term moving averages of 20, 50, 100, and 200 days. A purchase signal has been generated by the Weekly RSI strength indicator’s crossover above its reference line. The aforementioned study points to an increase in the Rs 10,550–10,800 levels.
UTI Asset Management Company
UTI AMC experienced a correction towards Rs 650 following a peak of around Rs 1,095 in August 2021. The stock reversed course significantly and is currently back above the all-time high. A multiyear breakout over Rs. 1,095 has been verified by this, and it did so with respectable volumes. For an upward goal of Rs 1,200, we thus advise traders to purchase the stock between Rs 1,090 and Rs 1,100, with a stop loss of Rs 1,035 in place.
