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| AxisBank |
ET Now: What is the initial number that you are playing for and what are the individual stock specific strategies that you are recommending?
Mitesh Thacker: The key level which we are watching last weekend we have just managed to hold onto that by very thin margin. It was 5480-5500 band on the lower side. So while intraday or intraweek violated below those levels, fortunately both on Thursday and Friday, we had a closing just above the 5480 mark. So we have managed to hold onto the support. Today the SGX is showing some positive cues and we will probably open with an opening gap. Now given this kind of scenario, it is important whether we are able to manage and get past the short term moving averages placed at the levels of about 5550-5560. So that is the level I would keep a watch on the upside and see how the index reacts to these levels. If it manages to cross them with good volumes, probably we are intact within the range and we might see an up move which could probably lead us back to 5650 odd levels.
Coming to stock specific calls, I have got a buy call onAxis Bank to begin with. The stock did very well on Friday in falling market. It crossed its 200-day average which could now be used as a good stop loss for long positions. So buy with a stop at about 1314 and look for targets in the range of about 1390. Then I have got a buy onABG Shipyard. There is a bullish price pattern formation over here. The stock has been doing well for the last couple of days. 402 to 404 could be a good short term price target over here and long positions can be taken with a stop below 380. Then I have got a buy on Aditya Birla Nuvo. We have been liking the stock for quite sometime now. In fact the weekly charts are very positive over here. The first short term target which I would give over here is about Rs 1000 and the stop loss for long positions taken now are at about 924 and finally I have got a sell call inJindal Steel & Power. There is a big breakdown on the charts over here. In fact if you revisit the history for about 2 years, the stock price never had a weekly closing below 600, though on 7 or 8 different occasions, 600 was held up and last week we actually managed to close below that. So keeping a stop at about 608, I would play for short targets of about 530.
