Stock picks of the day for October 8, 2018

Axis Bank Ltd: LTP: Rs 568| Target: Rs 650| Stop Loss: Rs 530| Return 14%

The recently Axis Bank has broken out of the long-term triangle on the weekly charts, which is now retesting its earlier resistance levels.

These levels are now likely to act as strong support. One can buy Axis Bank from these levels as the structure is bullish and the risk reward is favourable. Investors can initiate buy with a target at Rs 650 while a stop loss can be placed at Rs 530.

UPL Ltd: Buy| LTP: Rs 598.20| Target: Rs 700| Stop Loss: Rs 560| Return 17%

UPL has recently formed a Morning Star candlestick pattern on the weekly charts, which is now nearing its monthly support levels. Supports are placed around Rs 550 - 565 levels.

One can take a long position in UPL while keeping a stop loss below Rs 560 levels, and a short-term target can be maintained at Rs 700 levels

Cipla Ltd: LTP: Rs 634.55| Target: Rs 730| Stop Loss: Rs 610| Return 15%

Cipla is currently holding its monthly breakout levels and the momentum oscillators are showing bullish signs. In this volatile market, one should focus on pharma stocks.

The recent dip should be taken as buying opportunity in Cipla, for the short-term target can be maintained at Rs 730 levels while placing a stop loss below Rs.610.