United Spirits in a Short-term Uptrend

The sharp downward correction off the Oct. 4 high of Rs.1,683.80 was arrested at the June 23 low of Rs.895.65. The buyers seem active in the stock and if this assessment is right, the stock is likely to seek support at Rs.1,010-1,025 range.

Long position may be considered in this support zone, with a stop loss at Rs.935. While the initial resistance is at Rs.1,120, the stock could rally to the major target at Rs.1,210.


Rajesh Exports: Short-term Uptrend in Force

The stock was in a major downtrend since Jan. 27 high of Rs.145.35. The fall was arrested at Rs.82.10 on May 2 and the subsequent price action indicates that a short-term uptrend is underway.

The price pattern in the past few weeks indicates that the buyers are eager to buy at every minor correction. Long position may be considered at the Rs.104-108 range, with a stop loss at Rs.99.

Profit in long positions may be taken at Rs.129. A breakout past this crucial resistance could trigger a rally to Rs.141.

HDFC Bank: Compelling Buying Opportunity

HDFC Bank has been one of the top performers in the April-June quarter. The breakout earlier this month, above the crucial resistance at Rs.2,420 (Rs.484 now) is a sign that the buyers are getting aggressive.


Long positions may be considered on weakness, with a stop loss at Rs.2,380 (Rs.476 now), for a target of Rs.2,630 (Rs.526 now). Those willing to play the waiting game may get opportunities to exit near the Rs.2,900-mark (Rs.580 now).

Axis Bank: Buy For a Quick Bounce

The sharp fall witnessed in the past few days has pushed the stock to an area of support. Long positions may be considered with a stop loss at Rs.1,190.

Axis Bank Daily Chart

Profit in long positions may be taken at Rs.1,370. A breakout past this initial target may push the stock to the major resistance at Rs.1,450.

While the stop loss for long position may be placed at Rs.1,190, the stock has to fall below the major support at Rs.1,140  to indicate reversal of the short-term bullish trend.