1 week ago
Axis Bank, Dixon Technologies, Nykaa among short-term stock picks
The Nifty 50 stock index has fallen for seven trading sessions in a row.
Higher oil prices and stalled US-Iran peace talks were described as reasons for weak investor sentiment.
Analyst Amol Athawale said the market may remain weak in the short term.
He said the index could bounce if it rises above 24,150.
He also warned that a fall below 24,000 could bring more selling.
For the next one to two weeks, he selected Axis Bank, Dixon Technologies, and FSN E-Commerce Ventures.
He expects these shares to rise if they stay above their stated stop-loss levels.
The targets are ₹1,310 for Axis Bank, ₹15,500 for Dixon Technologies, and ₹350 for FSN E-Commerce Ventures.
Nifty 50 extended its decline for a seventh consecutive session on Wednesday, 19 August.
Amol Athawale of Kotak Securities said the index remains weak below its 50-day SMA.
He identified 24,150 as resistance and 24,000 as a level below which selling could intensify.
Axis Bank was given a ₹1,310 target with a ₹1,180 stop loss.
Dixon Technologies and FSN E-Commerce Ventures were given targets of ₹15,500 and ₹350, respectively.
- Who
- Amol Athawale, vice president of technical research at Kotak Securities, and investors in the Nifty 50 market.
- What
- The analyst recommended three stocks for potential short-term trades and outlined key support and resistance levels for the Nifty 50.
- Where
- The recommendations concern the Indian stock market, including the Nifty 50 and shares of Indian companies.
- When
- The market update was reported for Wednesday, 19 August, with the stock recommendations intended for the next one to two weeks.
- Why
- Higher oil prices and stalled US-Iran peace talks were cited as weighing on market sentiment, while the individual stock picks were based on technical chart patterns and indicators.
Market caution
Stock-specific optimism
Near-term market direction
Market caution
The Nifty 50 formed a bearish daily candle, closed below its 50-day SMA, and could face greater selling below 24,000.
Stock-specific optimism
Athawale said a quick pullback could occur above 24,150, and identified three shares whose technical patterns suggested further gains.
Trading outlook
Market caution
The index’s lower-top pattern and seven-session losing streak signal continued weakness in the broader market.
Stock-specific optimism
Axis Bank, Dixon Technologies, and FSN E-Commerce Ventures were described as being in or potentially resuming uptrends if they hold their respective stop-loss or trend-decider levels.
Key facts
- Analyst
- Amol Athawale, VP - Technical Research at Kotak Securities
- Nifty 50 trend
- The index extended losses for a seventh consecutive session.
- Nifty resistance
- A move above 24,150 could open a technical bounce toward 24,300–24,350.
- Nifty downside
- Below 24,000, selling pressure could drag the index toward 23,900–23,850.
- Axis Bank trade
- Previous close ₹1,235; target ₹1,310; stop loss ₹1,180.
- Dixon Technologies trade
- Previous close ₹14,462; target ₹15,500; stop loss ₹13,990.
- FSN E-Commerce Ventures trade
- Previous close ₹327.35; target ₹350; stop loss ₹315.
Quotes
Amol Athawale
VP – Technical Research, Kotak Securities
“"For positional traders, ₹13,990 would be the decisive level. Trading above the same uptrend formation will continue till ₹15,500. However, if it closes below ₹13,990, traders may prefer to exit from trading long positions."”
livemint.com
“"For the next few trading sessions, ₹315 could be the trend decider level for the bulls. If it sustains above the same, we can expect further uptrend towards ₹350."”
livemint.com
Sources
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