The bulls have an edge on Dalal Street, as key kicked off July on a strong note. The benchmark stock jumped on Monday amid buying action in index heavyweights. The BSE Sensex gained 486.49 points, or 0.75 per cent, to settle at 65,205.05. The NSE Nifty advanced 133.50 points, or 0.70 per cent, to close at 19,322.55. Select stocks such as Maruti Suzuki India, Wipro and Axis Bank are likely to hog limelight today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these three stocks ahead of Tuesday's trading session:Maruti Suzuki India | Buy | Target Price: Rs 10,000-11,000 | Stop Loss: Rs 9,500 Maruti Suzuki has broken out of an Inverse Head and Shoulders pattern on the weekly chart. It retested its neckline support and is now rallying towards the Rs 10,000 level. Additionally, the stock is forming a Cup and Handle pattern on the daily chart. The overall structure of the stock is favorable for traders, as it remains above its important moving averages, indicating a sustained long-term upward trend. The immediate hurdle on the upside is at Rs 10,000. If surpassed, the stock may move towards Rs 11,000 or higher. On the downside, a strong demand zone can be found around Rs 9,500, where a cluster of moving averages may provide support in any correction.Axis Bank | Buy | Target Price: Rs 1,000 | Stop Loss: Rs 930
Axis Bank is currently seeing in a classical uptrend. It is experiencing a multi-month breakout with increased trading volumes. It is forming a Cup and Handle pattern on the daily chart and has broken a Triangle pattern on the weekly chart. The stock retested its breakout level at Rs 810 and has started a new rally towards the all-time high levels. The next important resistance level is at Rs 1,000. If surpassed, the stock may reach the Rs 1,040 level in the near future. On the downside, a strong support level can be found at Rs 930.
Wipro | Buy (only for long-term) | Target Price: Rs 410-500 | Stop Loss: Rs 340 The primary structure of Wipro is to continuously follow the downtrend channel formation. The stock has broken neckline support with strong volumes at around Rs 410. However, the stock is now trading above all its moving averages, which is also a slightly positive sign for the counter. Most of the momentum indicators are oversold and Rs 340 is a sacrosanct support level where one can expect buying interest. On the upside, levels of Rs 410–440 will act as immediate resistance. The Rs 500 level will be the next resistance level.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)
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