​Market Trading Guide: Axis Bank, Britannia among 7 stock recommendations for Thursday​

​The stock has made a significant breakout on the weekly chart, surpassing the critical resistance level at Rs102, and this move has been accompanied by robust trading volumes. The stock exhibits a highly bullish sentiment, supported by a pattern of forming higher lows and higher highs on the lower time frames, signaling a sustained uptrend.

​The momentum indicator RSI has surged past the 70 level, indicating robust buying momentum in the stock. In case of a pullback, there is substantial support around the Rs 90 mark, acting as a buffer against potential price declines.


​(Kunal Shah, Senior Technical & Derivative analyst at LKP Securities)

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​The bank has experienced a breakout from a rectangular pattern on the daily chart, indicating increased optimism in the market. Additionally, the price has consistently remained above the critical moving average, demonstrating the strength of the bullish trend. Furthermore, the Relative Strength Index (RSI) has undergone a bullish crossover.


​(Kunal Shah, Senior Technical & Derivative analyst at LKP Securities)

​On the daily timeframe, the stock broke out of the consolidation on August 23, followed by a retracement to the middle line of the Bollinger Bands. Subsequently, strong buying pressure drove the stock above its previous high in Wednesday's trading session, signaling a sustained uptrend. Additionally, a Bullish Marubozu candlestick pattern has formed, indicating a positive trend ahead.

​Furthermore, the stock closed above a key conversion line on Wednesday, further confirming the positive trend, with the momentum indicator RSI aligning with price action.


​(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)

In the daily time frame, Britannia witnessed a prolonged tug-of-war between buyers and sellers lasting for over three weeks. Wednesday's closing price, marked by a bullish candle above the supply zone, signifies that buyers have taken over sellers.
This bullish move is further substantiated by an increase in trading volume. Additionally, the price is currently trading above both the Base Line and Conversion Line, indicating a positive trend, with the momentum indicator RSI aligning with the price action.
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)

​Stock broke out of the ascending channel pattern and we have seen a stupendous move of 70% in the current week. On weekly charts, we may see some pullback in price but a fresh high on the relative strength chart in comparison to Nifty50 and 14 period RSI are depicting new highs for the stock in coming days.

​(Riches Vanara, Technical And Derivatives Analyst, StoxBox)

​After breaking out of the Symmetrical Triangle pattern on the daily chart, the stock formed a Darvas Box and we have seen a clean breakout from the same with higher than average volumes. New high on the relative strength chart in comparison to Nifty50 and 14 period RSI compliments the price action.

​(Riches Vanara, Technical And Derivatives Analyst, StoxBox)

​The structure of the daily time-frame suggests that bulls are in control and any dip towards lower levels will be a buy opportunity. The 14 period RSI has also reversed taking support at 50 levels, which is a bullish sign.

​(Riches Vanara, Technical And Derivatives Analyst, StoxBox)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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