More

    Technical Evaluation: Axis Financial institution, ONGC, Lupin And IDFC First Financial institution

    I’m holding Axis Financial institution shares at ₹810. What’s the long-term outlook?

    Dhayaanithi M, Hosur

    Axis Financial institution (₹1,079): The broader development is up and robust. The inventory touched a excessive of ₹1,339 in July this 12 months and has been in a corrective fall since then. Speedy assist is at ₹1,060. Subsequent essential assist is round ₹1,000. A fall beneath ₹1,000 is unlikely. The inventory can resume its uptrend from round ₹1,000 and goal ₹1,500 by the top of 2025. 

    Hold a stop-loss at ₹970 and defend some revenue. Revise the stop-loss as much as ₹1,220 when the worth goes as much as ₹1,380. Transfer the stop-loss additional as much as ₹1,340 when the worth reaches ₹1,400. Exit the inventory at ₹1,500. The bullish view will go mistaken if the inventory declines beneath ₹1,000. In that case, a fall to ₹920-₹900 may be seen.

    What’s the short- and medium-term outlook for ONGC? Can I purchase at present ranges?

    Maneel

    ONGC (₹236): The short-term outlook is bearish. The development is down since August and is powerful. Resistance is within the ₹270-₹280 area. There’s room for a fall to ₹210-₹190 within the coming months. So, for the brief time period you possibly can keep out of this inventory. Nevertheless, this broad ₹210-₹190 is a robust assist zone which might halt the autumn.

    From a long-term perspective, there are good probabilities to see a rally from round ₹200. That may take ONGC share value as much as ₹350. You should purchase at ₹215 and ₹195. Hold a stop-loss at ₹160. Path the stop-loss as much as ₹230 when the worth goes as much as ₹280. Transfer the stop-loss additional as much as ₹290 when the worth touches ₹310. Exit the inventory at ₹350.

    I’ve purchased Lupin at ₹1,778. What’s the technical outlook?

    Pradeep Kabra, West Mumbai.

    Lupin (₹2,228): The inventory has been in a robust uptrend since April 2023. The uptrend stays intact. Assist is round ₹1,950. Chart signifies that yet another leg of rally remains to be pending inside the broad uptrend. Lupin share value has potential to focus on ₹2,700 within the coming months. So, hold a stop-loss at ₹1,880 and maintain the inventory.

    Transfer the stop-loss as much as ₹2,300 when the worth goes as much as ₹2,480. Revise the stop-loss additional as much as ₹2,580 when the worth touches ₹2,650. Exit the inventory at ₹2,700. The bullish view will go mistaken if the inventory declines beneath ₹1,950. That in flip will convey within the hazard of the inventory value tumbling in direction of ₹1,500.

    What’s the outlook for IDFC First Financial institution? I’ve purchased this inventory.

    Balaji, Tirupur

    IDFC First Financial institution (₹62.50): The inventory has been in a robust downtrend since September 2023. There isn’t any signal of a reversal. There’s room to check the following assist zone of ₹59-₹58 in a month or two. Even when a bounce occurs from this assist zone, it is probably not a development reversal.

    For the outlook to show bullish and to verify a development reversal, IDFC First Financial institution share value has to rise above ₹70. That appears unlikely now. Even when that occurs, it might take quite a lot of time. Though you haven’t talked about your buy value, this isn’t a inventory to stay invested. So, we propose you exit the inventory at present ranges. You possibly can take into account reinvesting that quantity in another shares like Lupin or Axis Financial institution defined within the earlier questions.

    Ship your inquiries to techtrail@thehindu.co.in

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...