1 hr ago
Kotak Securities Expert Names Three Short-Term Stock Picks
India’s main stock market index fell for the third day in a row.
Investors were worried about higher bond yields and expensive oil.
Amol Athawale from Kotak Securities said the market is difficult to predict in the very short term.
He identified important price levels that traders may watch.
He suggested Tata Consultancy Services could recover after a long decline.
He also said Axis Bank may rise if it stays above its support level.
Lodha Developers could continue rising if it remains above ₹1,080.
These are technical views and include stop-loss levels to limit potential losses.
The Indian stock market fell for a third straight session on Wednesday, 1 October, with the Nifty 50 closing at 22,620.
Amol Athawale of Kotak Securities identified 22,600–22,550 as a crucial Nifty 50 support zone for day traders.
Athawale said the Nifty 50 could rebound toward 22,750–22,800 if support holds, or fall toward 22,400–22,350 if 22,550 breaks.
Tata Consultancy Services was assigned a target price of ₹2,200 and a stop loss of ₹1,980, against a previous close of ₹2,050.60.
Axis Bank and Lodha Developers were assigned target prices of ₹1,310 and ₹1,200, with stop losses of ₹1,180 and ₹1,080, respectively.
- Who
- Amol Athawale, vice president of technical research at Kotak Securities, discussed the market and three stock picks.
- What
- Athawale suggested Tata Consultancy Services, Axis Bank and Lodha Developers as short-term trading opportunities, with specified targets and stop losses.
- Where
- The recommendations concern the Indian stock market, including the Nifty 50.
- When
- The market commentary was published after trading on Wednesday, 1 October.
- Why
- Rising bond yields and elevated oil prices weighed on the market, while the stock recommendations were based on chart patterns, support levels and technical indicators.
Potential Recovery
Downside Risks
Nifty 50 direction
Potential Recovery
If the index sustains above 22,600–22,550, Athawale said it could rebound toward 22,750–22,800.
Downside Risks
A decisive break below 22,550 could intensify selling pressure and pull the index toward 22,400–22,350.
Tata Consultancy Services
Potential Recovery
Athawale said the stock appeared oversold and that its chart formation and RSI indicated potential for a rebound toward ₹2,200.
Downside Risks
A close below ₹1,980 would weaken the setup, and traders may prefer to exit long positions.
Individual stock setups
Potential Recovery
Athawale said Axis Bank could advance toward ₹1,310 and Lodha Developers toward ₹1,200 if their support levels hold.
Downside Risks
The targets depend on the stocks remaining above their stated stop-loss or support levels: ₹1,180 for Axis Bank and ₹1,080 for Lodha Developers.
Key facts
- Nifty 50 close
- 22,620
- Nifty monthly performance
- The index ended September nearly 6% lower.
- Nifty support zone
- 22,600–22,550
- Nifty rebound range
- 22,750–22,800 if support holds
- Tata Consultancy Services
- Previous close ₹2,050.60; target ₹2,200; stop loss ₹1,980
- Axis Bank
- Previous close ₹1,226; target ₹1,310; stop loss ₹1,180
- Lodha Developers
- Previous close ₹1,135; target ₹1,200; stop loss ₹1,080
Quotes
Amol Athawale
Vice president of technical research at Kotak Securities
“For positional traders, ₹1,980 would be the decisive level. Trading above the same formation will continue till ₹2,200. However, if it closes below ₹1,980, traders may prefer to exit from trading long positions.”
livemint.com
“As long as the stock holds above ₹1,180 support, the reversal trend is likely to persist, with the possibility of the price advancing toward the ₹1,310 level in the coming horizon.”
livemint.com
Sources
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