Initiation range: Rs 442-446
In line with other banking majors, AXISBANK has been consolidating in a broader range of 350-450 levels for the last three months or so. On Tuesday, it again reached closer to the upper band of the range. The current chart formation, along with the positioning of the confirmation indicators, are all pointing towards a fresh breakout ahead. We advise initiating fresh long positions as per the given levels.
: Rs 475-480
DABUR witnessed a fresh breakout in Tuedsay's session from the consolidation range where it spent nearly two months. Importantly, the price breakout was accompanied by a sharp rise in the volume, adding to the confirmation. In short, all indications are in favor of up move to continue.
SIEMENS has been consolidating within the 1,000-1,180 zone for the last four months and is currently hovering around the upper band of the range. It has also surpassed the hurdle of the medium-term moving average(100 EMA) on the daily chart as well. The chart pattern indicates the potential of a strong surge ahead. We advise traders to utilize this pause and accumulate in the mentioned zone.
- Sell July Futures
: Rs 134-136
COALINDIA has been trading in a downtrend for the last several years and there is no sign of relief yet. In line with the recovery in the broader market, it also witnessed some rebound a bit late but couldn’t surpass the strong hurdle around 150 levels. It’s gradually inching lower and likely to continue this negative bias. We thus advise creating fresh shorts in the given range.