Axis Bank, Indegene, and FSN E-Commerce Ventures are stocks to watch this week. Axis Bank crossed a barrier at ₹1,280, showing a positive trend. Indegene maintains a positive inclination, while FSN E-Commerce Ventures shows buying interest. Traders can use these levels to plan their moves as the market action continues.
Axis Bank (₹1,286.45)
Surpasses a barrier
The stock of Axis Bank has been rallying over the last three weeks. It bounced off the support at ₹1,175. The uptick has now taken the stock above a barrier at ₹1,280, a notable indication that the short-term trend has turned positive. From the current level of ₹1,286, we might see a price correction to ₹1,240. But then, it can resume the rally and rise to retest the barrier at ₹1,400. Therefore, traders can go long now at ₹1,286 and buy more shares if the price drops to ₹1,240. Place stop-loss at ₹1,200. When the price hits ₹1,340, raise the stop-loss to ₹1,300. On a rally to ₹1,380, tighten the stop-loss to ₹1,360. Exit at ₹1,400.
Indegene (₹598.25)
Maintains positive inclination
The stock has been in an uptrend since March. It started to rally after marking a low of ₹414. But in the last couple of months, the price has largely been oscillating in the broad range of ₹555 and ₹620. Nevertheless, the price stays above both 21- and 50-day moving averages. Moreover, the longer lower wicks of the weekly candles shows the existence of buying pressure. The probability for the stock to break out of ₹620 is high. The price is likely to touch ₹700 over the medium term. So, buy now at ₹598 and ₹580. Place stop-loss at ₹540. When the stock rises to ₹640 and ₹675, raise the stop-loss to ₹600 and ₹640, respectively. Exit at ₹700.
FSN E-Commerce Ventures (₹344.20)
Chart indicates buying interest
The stock of FSN E-Commerce Ventures (NYKAA) has been in a sideways trend over the last three months. It has been oscillating between ₹316 and ₹350. Nevertheless, the chart indicates that there has been good buying interest between ₹316 and ₹330. Therefore, we expect the scrip to eventually break out of ₹350 and establish another leg of uptrend. This can lift the stock to ₹410 over the medium-term. Participants can buy now at ₹344 and accumulate if the price dips to ₹325. Place stop-loss at ₹305. When the stock rises to ₹370 and ₹390, tighten the stop-loss to ₹350 and ₹375, respectively. Book profits at ₹410.