Buy Divis Laboratories, target Rs 1490

Traders can buy the stock around current levels and further add on dips around Rs 1340-1345 with a stop loss below Rs 1300 for the target of Rs 1490.

On the daily scale, Divis Laboratories has given a breakout from its Flag pattern above Rs 1330-1332 levels on Monday with higher volumes. The Relative strength index (RSI) is showing positive momentum and MACD is trading above zero line with a positive crossover which indicates limited downside for the stock.

Based on the above observations traders can buy the stock around current levels and further add on dips around Rs 1340-1345 with a stop loss below Rs 1300 (closing) for the target of Rs 1490.

MORE WILL UPDATE SOON!!

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Buy Axis Bank for target of Rs 725

Stock can be bought at current levels and on dips to Rs 620 with stop loss below Rs 600 for target of Rs 725 levels. Axis Bank has formed symmetrical triangle pattern on weekly chart and trading in a range of Rs 650 and Rs 350 odd levels for almost three years now. On daily chart stock has seen sharp bounce back from 200-day moving average. For last couple stock has been facing at Rs 640-650 zone but forming higher lows. Thus, forming bullish ascending triangle pattern on daily chart. Relative strength index and Stochastic have given positive crossover with their respective averages on daily chart. On monthly chart ADX ine indicator of trend strength is moving up from neutral level of 20 suggesting strength emerging long term trend. Thus, stock can be bought at current levels and on dips to Rs 620 with stop loss below Rs 600 for target of Rs 725 levels. MORE WILL UPDATE SOON!!

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