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Stock technical report 22.11.2012

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Rethish Varma
Rethish Varma

The document provides a technical stock analysis and recommendation for Axis Bank. It finds that Axis Bank is showing an ascending triangle pattern and is trading above its 50, 100 and 200 day moving averages, indicating an upward trend. Momentum indicators also suggest the chance of a downtrend is low. The analysis recommends buying Axis Bank above Rs. 1247, with a target price of Rs. 1308-1365, and a stop loss of Rs. 1200. The document also provides the status of several previous stock recommendations, showing a high success rate.

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associate of DOHA BANK DBFS INSTITUTIONAL EQUITIES STOCK TECHNICAL REPORT Thursday, November 22, 2012 Research Analyst: Rethish Varma.S For queries: Contact: DBFS Research (Institutional Broking Division), Mobile: +919567715929 Email:ib@dbfsindia.com Email: ib@dbfsindia.com, Stock related: 022 22843167 Phone: 022-22843167
AXIS BANK BUY CMP: 1236.35 TGT – 1308 – 1365 SL – 1200 On analyzing the daily charts we can see that the stock of AXIS BANK is on the verge of a breakout, it is showing an ascending triangle pattern with resistance at 1246-1247 levels and once it breaks that we can see a sharp up move on the stock irrespective of how the Nifty is going. Stock is currently trading above its 50,100 and 200 Day EMA of 1163,1125 and 1118 respectively. Bollinger band pattern also indicates that its in a narrow band. Momentum indicator Aroon down indicator is at zero levels suggesting that the chance for a down trend is nearly absent.RSI is at 70 levels and pointed upwards which is also supporting our view of an upward trend on the scrip. We are therefore recommending a ‘BUY’ on the stock only above 1247 for a target of Rs 1308 – Rs 1365, stop loss should be kept at 1200. st CMP: Current Market Price is the closing price on 21 Nov 2012.
Previous recommendation status Recommended Date Stock Recommendation Rec.Price Target Price Rec. Status 22/08/2012 APOLLO TYRE BUY 94 100 - 107 Target Hit 22/08/2012 CIPLA BUY 360 380 Target Hit 22/08/2012 M&M BUY 779 795 - 819 SL Hit 28/08/2012 TCS BUY 1323 1378 – 1405 Target Hit 28/08/2012 DISHMAN PHARMA BUY 101.25 110 - 122 Target Hit 28/08/2012 IDFC SELL 137.50 133 - 131 Target Hit 28/08/2012 COAL INDIA SELL 364.75 345 Target Hit 30/08/2012 LUPIN BUY 577.50 600 - 620 Target Hit 30/08/2012 BAJAJ AUTO BUY 1608.60 1734 - 1775 Target Hit 01/09/2012 GODREJIND BUY 239.30 248 - 252 Target Hit 01/09/2012 ALLCARGO BUY 131 137 - 141 Target Hit 04/09/2012 DISH TV BUY 66.50 71 - 75 Target Hit 04/09/2012 VGUARD BUY 408 434 - 450 Target Hit 05/09/2012 ABIRLA NUVO BUY 756 790 - 805 Target Hit 06/09/2012 TECHM BUY 823 875 - 890 Target Hit 08/09/2012 ENGINERSIN BUY 218 227 - 241 Target Hit 08/09/2012 FORTIS BUY 94.50 - 95 100 - 103 Target Hit 10/09/2012 TATA STEEL BUY 382 401 - 408 Target Hit 11/09/2012 ONGC BUY 276.15 290 – 293.5 Target Hit 11/09/2012 PFC BUY 162 175 - 188 Target Hit 14/09/2012 IDFC BUY 132.1 140 - 146 Target Hit 14/09/2012 JP ASSOCIATES BUY 69.15 75 - 79 Target Hit 14/09/2012 BAJAJ CORP SELL 177.55 165 - 160 Target Hit 15/09/2012 RECLTD BUY 196.2 206 - 212 Target Hit 15/09/2012 BOMBDYEING BUY 451.45 480 - 505 Target Hit 15/09/2012 JINDAL STEEL BUY 373.2 395 - 410 Target Hit 18/09/2012 BHEL BUY 213.55 226 - 236 Target Hit
18/09/2012 HEXAWARE SELL 132 - 134 121 - 117 Target Hit 21/09/2012 BEL BUY 1215 1259 SL Hit 24/09/2012 ITC BUY 258 - 260 273 - 285 Target Hit 24/09/2012 MARICO BUY 192 205 - 213 Target Hit 24/09/2012 CIPLA BUY 363.30 383 - 396 Target Hit 01/10/2012 DIVISLAB BUY 1082.60 1140 - 1170 Target Hit 01/10/2012 APOLLO TYRE BUY 91.50 - 92 97 - 102 SL Hit 01/10/2012 SAIL SELL 86 - 87 82 - 80 Target Hit 3/10/2012 DR REDDYS BUY 1688.35 1768 - 1786 Target Hit 9/10/2012 AJANTA PHARMA BUY 388 439 - 445 SL Hit 10/10/2012 CAIRN BUY 328 346 - 354 Active 12/10/2012 PIDILITE INDUSTRIES BUY 198 - 200 212- 223 Target Hit 12/10/2012 HCL TECHNOLOGIES BUY 570 600-635 Target Hit 18/10/2012 TTK PRESTIGE BUY 3250 – 3275 3670 – 3900 SL Hit 29/10/2012 SHANTHI GEARS BUY 73.10 77 – 81 SL Hit 31/10/2012 TECH MAHINDRA BUY 933.75 990 – 1064 Target Hit 05/11/2012 PFC BUY 186 – 187 198 – 210 Active 08/11/2012 TATA STEEL BUY 398 417 - 425 SL Hit 16/11/2012 POWER GRID BUY 119.20 125 - 128 Active Total calls given: 46 Target Achieved: 36 Stop Loss Triggered: 7 Active Calls: 3 Percentage Success: 84% Disclaimer: This report is only for the information of our Institutional clients. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. The information provided herein is not to be constructed as an offer to buy or sell securities of any kind. DBFS and/or its group companies do not assume any responsibility or liability resulting from the use of such information.

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Stock technical report 22.11.2012

  • 1. associate of DOHA BANK DBFS INSTITUTIONAL EQUITIES STOCK TECHNICAL REPORT Thursday, November 22, 2012 Research Analyst: Rethish Varma.S For queries: Contact: DBFS Research (Institutional Broking Division), Mobile: +919567715929 Email:ib@dbfsindia.com Email: ib@dbfsindia.com, Stock related: 022 22843167 Phone: 022-22843167
  • 2. AXIS BANK BUY CMP: 1236.35 TGT – 1308 – 1365 SL – 1200 On analyzing the daily charts we can see that the stock of AXIS BANK is on the verge of a breakout, it is showing an ascending triangle pattern with resistance at 1246-1247 levels and once it breaks that we can see a sharp up move on the stock irrespective of how the Nifty is going. Stock is currently trading above its 50,100 and 200 Day EMA of 1163,1125 and 1118 respectively. Bollinger band pattern also indicates that its in a narrow band. Momentum indicator Aroon down indicator is at zero levels suggesting that the chance for a down trend is nearly absent.RSI is at 70 levels and pointed upwards which is also supporting our view of an upward trend on the scrip. We are therefore recommending a ‘BUY’ on the stock only above 1247 for a target of Rs 1308 – Rs 1365, stop loss should be kept at 1200. st CMP: Current Market Price is the closing price on 21 Nov 2012.
  • 3. Previous recommendation status Recommended Date Stock Recommendation Rec.Price Target Price Rec. Status 22/08/2012 APOLLO TYRE BUY 94 100 - 107 Target Hit 22/08/2012 CIPLA BUY 360 380 Target Hit 22/08/2012 M&M BUY 779 795 - 819 SL Hit 28/08/2012 TCS BUY 1323 1378 – 1405 Target Hit 28/08/2012 DISHMAN PHARMA BUY 101.25 110 - 122 Target Hit 28/08/2012 IDFC SELL 137.50 133 - 131 Target Hit 28/08/2012 COAL INDIA SELL 364.75 345 Target Hit 30/08/2012 LUPIN BUY 577.50 600 - 620 Target Hit 30/08/2012 BAJAJ AUTO BUY 1608.60 1734 - 1775 Target Hit 01/09/2012 GODREJIND BUY 239.30 248 - 252 Target Hit 01/09/2012 ALLCARGO BUY 131 137 - 141 Target Hit 04/09/2012 DISH TV BUY 66.50 71 - 75 Target Hit 04/09/2012 VGUARD BUY 408 434 - 450 Target Hit 05/09/2012 ABIRLA NUVO BUY 756 790 - 805 Target Hit 06/09/2012 TECHM BUY 823 875 - 890 Target Hit 08/09/2012 ENGINERSIN BUY 218 227 - 241 Target Hit 08/09/2012 FORTIS BUY 94.50 - 95 100 - 103 Target Hit 10/09/2012 TATA STEEL BUY 382 401 - 408 Target Hit 11/09/2012 ONGC BUY 276.15 290 – 293.5 Target Hit 11/09/2012 PFC BUY 162 175 - 188 Target Hit 14/09/2012 IDFC BUY 132.1 140 - 146 Target Hit 14/09/2012 JP ASSOCIATES BUY 69.15 75 - 79 Target Hit 14/09/2012 BAJAJ CORP SELL 177.55 165 - 160 Target Hit 15/09/2012 RECLTD BUY 196.2 206 - 212 Target Hit 15/09/2012 BOMBDYEING BUY 451.45 480 - 505 Target Hit 15/09/2012 JINDAL STEEL BUY 373.2 395 - 410 Target Hit 18/09/2012 BHEL BUY 213.55 226 - 236 Target Hit
  • 4. 18/09/2012 HEXAWARE SELL 132 - 134 121 - 117 Target Hit 21/09/2012 BEL BUY 1215 1259 SL Hit 24/09/2012 ITC BUY 258 - 260 273 - 285 Target Hit 24/09/2012 MARICO BUY 192 205 - 213 Target Hit 24/09/2012 CIPLA BUY 363.30 383 - 396 Target Hit 01/10/2012 DIVISLAB BUY 1082.60 1140 - 1170 Target Hit 01/10/2012 APOLLO TYRE BUY 91.50 - 92 97 - 102 SL Hit 01/10/2012 SAIL SELL 86 - 87 82 - 80 Target Hit 3/10/2012 DR REDDYS BUY 1688.35 1768 - 1786 Target Hit 9/10/2012 AJANTA PHARMA BUY 388 439 - 445 SL Hit 10/10/2012 CAIRN BUY 328 346 - 354 Active 12/10/2012 PIDILITE INDUSTRIES BUY 198 - 200 212- 223 Target Hit 12/10/2012 HCL TECHNOLOGIES BUY 570 600-635 Target Hit 18/10/2012 TTK PRESTIGE BUY 3250 – 3275 3670 – 3900 SL Hit 29/10/2012 SHANTHI GEARS BUY 73.10 77 – 81 SL Hit 31/10/2012 TECH MAHINDRA BUY 933.75 990 – 1064 Target Hit 05/11/2012 PFC BUY 186 – 187 198 – 210 Active 08/11/2012 TATA STEEL BUY 398 417 - 425 SL Hit 16/11/2012 POWER GRID BUY 119.20 125 - 128 Active Total calls given: 46 Target Achieved: 36 Stop Loss Triggered: 7 Active Calls: 3 Percentage Success: 84% Disclaimer: This report is only for the information of our Institutional clients. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. The information provided herein is not to be constructed as an offer to buy or sell securities of any kind. DBFS and/or its group companies do not assume any responsibility or liability resulting from the use of such information.