The entire banking space has been on a buying spree since last couple of months. In fact, the banking index managed to clock fresh highs this week and ‘Axis Bank’ is one of the major contributors in the rally.
Sameet Chavan
September 19, 2022 / 06:17 AM IST
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lastRsrs[e]= stkId; if(lastRsrs.length > 0) { var resStr=”; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; var newappndStr = makeMiddleRDivNew(d); appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } }
We had a pleasant start on September 12 taking the US market’s previous Friday’s rally into consideration. We challenged 18,000 but failed to sustain on the same day itself. But since it was merely a formality, the index opened beyond this psychological level on the following day. In this process, the Nifty registered a highest close in the last eight months. Everything looked hunky dory as we were poised to make a move towards previous highs.
But the US markets tumbled suddenly on Tuesday on the back of rising inflation print. This resulted in a massive gap-down. Our markets, however, managed to weather the storm. We defended key levels and traded with a positive bias for couple of trading sessions. However, the Friday’s session turned out to be a nightmare as we witnessed a sustained selling throughout the session to conclude the week with 1.70 percent cut, marginally above 17,500.
Generally, we say ‘All’s well that ends well’ but this time it’s the exact opposite. We had a perfect start of the week, but the end was certainly not everyone would have wished for. The broader structure remains bullish but with Nifty closing convincingly below 17,600 has dented the intermediate structure for sure.
Pricewise, it resembles a ‘Head and Shoulder’ pattern on daily time frame chart, which does not augur well for the bulls. If this pattern proves its significance, we may see further correction towards 17,200 – 17,000 in the coming week. But as of now, we do not want to fall into this camp. We would rather reassess the situation in the first half of the coming week.
As far as support is concerned, 17,400 we are seeing as a key support. The moment we see Nifty sliding below it, we may see correction getting extended in the market. On the flipside, if Nifty has to find its mojo back, it needs to go beyond Friday’s high of 17,820 on a closing basis. So meanwhile, any minor bounce back towards 17,650 – 17,750 should ideally be used to exit longs.
After Friday’s close, we would like to adopt a wait and watch approach and let’s see how global market performs over the weekend.
Traders are advised not to get intimidated by Friday’s correction, rather keep a close tab on above mentioned scenarios. Also, one should avoid trading aggressively till the time market stabilizes from this turbulence.
Sectorally, the recent leader, Bank Nifty is placed at an interesting juncture. Hopefully, it manages to lift the overall sentiments in the coming week.
Here are two buy calls for next 2-3 weeks:
United Spirits: Buy | LTP: Rs 838.10 | Stop-Loss: Rs 807 | Target: Rs 890 | Return: 6 percent
This has been our preferred bet of late from the liquor space. If we take a glance at the daily time frame chart, we can see nice base formation around Rs 760 odd levels. This was followed by small but steady up moves in regular intervals.
In the week gone by, stock prices managed to confirm yet another breakout from the long multi-month trend line. This coincided with traversing of ‘200-day SMA’ (simple moving average) as well around Rs 838.
Hence, although stock prices retraced a bit on Friday in tandem with broader market sell off, we recommend buying for a near term target of Rs 890. Traders can participate by following strict stop-loss at Rs 807.
Axis Bank: Buy | LTP: Rs 789.30 | Stop-Loss: Rs 767 | Target: Rs 825 | Return: 4.5 percent
The entire banking space has been on a buying spree since last couple of months. In fact, the banking index managed to clock fresh highs this week and ‘Axis Bank’ is one of the major contributors in the rally.
In last couple of sessions, we witnessed mild profit booking in this stock after surpassing Rs 800 mark. However, the broader structure looks quite strong and on Friday, stock prices recovered after retesting the previous breakout points.
Considering the higher high higher bottom cycle, traders are advised to buy for a near term target of Rs 825. The strict stop-loss needs to be placed at Rs 767.
Disclaimer: The views and investment tips expressed by investment 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.
