Stock picks of the day for August 28, 2018
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Axis Bank Ltd: Buy| LTP: Rs 650 | Target: Rs.700 | Stop-Loss: Rs 620 | Return 8%
The stock is on the verge of registering a new all-time high above Rs 655, which was registered in March 2015. The stock price has broken out from symmetrical Triangle on the monthly charts, indicating a continuation of an uptrend.
The stock price has also broken out from the downward sloping trend line, adjoining the previous two monthly tops. There is a breakout from the consolidation, which held for the last 14 quarters.
Volumes have been rising along with the price rise for the last three months. The stock price has been trading above 20, 50, 100 and 200-DMA.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 700 and keeping a stop loss below Rs 620 on a closing basis.
PNB Housing Finance: Buy| LTP: Rs 1412 | Target: Rs. 1550| Stop-Loss: Rs 1330| Return 10%
The stock price has broken out from descending Triangle on the weekly charts, indicating a continuation of an uptrend.
The stock price has also broken out from the bullish flag pattern on the daily charts. There is a breakout from consolidation, which held for the last four weeks.
Volumes have been rising along with the price rise for the last two sessions. The stock price has been trading above 20, 50 and 200-DMA.
Indicators like MACD and ADX have turned bullish on the daily and weekly charts. Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 1,550 and keep a stop loss placed below Rs 1,330 on a closing basis.
Piramal Enterprise Ltd: Buy| LTP: Rs 3060 | Target: Rs. 3200 | Stop-Loss: Rs 3025| Return 9%
The stock price has registered a new all-time high at Rs 3,075. Previous all-time high was formed at Rs 3070 in June 2017. The stock price has broken out from “Flag” pattern breakout on the monthly chart, which indicates the resume of a primary uptrend.
On Monday, the stock moved up more than 6 percent with a significant jump in volumes. The Nifty Pharma Index is looking extremely strong on the short to medium-term charts.
Indicators like MACD and ADX have turned bullish on the weekly charts. Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 302 and keeping a stop loss placed below Rs 250 on a closing basis.