Buy Bharat Forge, Bharat Financial Services; Sell Axis Bank: Jay Thakkar

Markets ended Friday's session on a lackluster note with Nifty closing below its crucial psychological level of 8,850. Jay Thakkar, technical analyst with Sharekhan, shared his trading strategies on a few stocks.

Stock Talk

Reliance Industries: The stock has broken out of range but confirmation for fresh buying will come only if it crosses above Rs 1,145 which was its previous swing high. If stock surpasses Rs 1,145, fresh buying will emerge and till then who were long at lower levels should use this opportunity to book profits. However, if Reliance Industries crosses Rs 1,145 on the upside, the stock can go up to levels of Rs 2,000-2,500. 


Sell Axis Bank: The stock has important support at Rs 536 and if it stabilizes around Rs 536, then it can bounce back. However, traders can go short on Axis Bank on any rise around Rs 580.

Buy Bharat Forge: The stock can go up to Rs 1,350-1,400. It has support at Rs 860 on downside.

IRB Infrastructure: If the stock breaks above Rs 272, then it can double from current levels. But buying is advisable only above Rs 272.

Buy Bharat Financial Services: The stock can go up to Rs 946 and if it move above this level, it can go up to Rs 1,032 as well.