Apollo Tyres, Axis Bank: Angel One’s Osho Krishan’s Top Picks for August 26
Stock recommendations:
NSE script: Apollo tires
Display: Rising
Last closing: 508.60 rupees
Apollo Tyres has recently experienced a notable decline from its peak of 568 to around 200 SMA on the daily time frame chart. Historically, this level has acted as a reliable support, triggering a strong rebound in the stock. Further down, the stock has started gaining traction in the last few trading sessions, adding to the historical picture.
From a technical perspective, the indicators have recovered from oversold conditions and have shown a positive crossover, indicating an uptrend in the stock.
Therefore, we recommend ‘Buy’ Apollo Tyres around Rs 505-500 | Stop Loss: Rs 475 | Target: Rs 550
NSE script: As Bank
Display: Rising
Last closing: 1,165.95 rupees
Axis Bank has seen a steep correction from the peak of 1340 and has fallen back to 61.80 percent of the recent rally. The recent correction has seen the counter dive towards the multi-layer support zone, starting from the historical consolidation up to the 200 SMA on the daily structure.
Both the support is constructing strong support and offers an opportunity to rally the counter from a short to medium term perspective. Also, on the oscillator front, MACD is signaling a reversal movement, suggesting that the counter could be on a potential upward journey.
Therefore, we recommend ‘Buy’ Axis Bank around Rs 1,160-1,150 | Stop Loss: Rs 1,110 | Target: Rs 1,260
(Osho Krishan is a senior technical and derivatives analyst at Angel One Ltd. The views expressed are his own.)
First publication: Aug 26, 2024 | 06:46 AM IST