Apollo Pipes (₹722.5)
Key support ahead
Apollo Pipes’ stock, which broke out of the ₹700-740 range on July 18, witnessed a fall in price over the last week. After marking a high of ₹782.70 last week, the stock fell and wrapped up the week at ₹722.50. However, the major trend remains bullish. The short-term trend can turn weak only if the price of Apollo Pipes’ share price slips below ₹700.
In the past few months, the stock has rebounded from the gap between 20- and 50-day moving average. Notably, it is now trading in such a region. So, the probability of a rally is high. Buy at the current level of ₹722.50 and add more longs if the price softens to ₹706. Stop-loss can be at ₹690. When the stock rises above ₹750, tighten the stop-loss to ₹715. Book profits at ₹770.
Axis Bank (₹950)
Revise the stop-loss
In October 2022, following Axis Bank breaking out of the then multi-year resistance at ₹800, we advised to buy in two legs – one at ₹900 and two, if the price falls to ₹800; stop-loss at ₹720. However, after marking a low of ₹814.3 in March this year, the stock resumed to rally. Thus, the buy at ₹800 was not triggered. Since June, the stock has been oscillating between ₹950 and ₹990.
Yet, it is trading above a trendline support. The stock could meet this line at around ₹925, if there is a fall from here. While a breach of this can turn the trend bearish, the bias will be positive until it holds. So, retain the buy initiated at ₹900. But change the stop-loss from ₹720 to ₹900; move it up to ₹950 when the stock surpasses ₹1,000. Exit at ₹1,100.
Sunteck Realty (₹361.9)
Likely to see a breakout
Sunteck Realty’s stock price started to appreciate after it took support at ₹275 in June. But it has been facing resistance at ₹380 over the past couple of weeks and in fact, the stock posted a loss last week. However, the momentum continues to be in favour of the bulls. We expect the stock to pick up momentum from the current level or after falling to ₹340.
Eventually, the stock can resume the rally, break out of the hurdle at ₹380 and move up to touch ₹415 in the near term. So, we suggest going long in Sunteck Realty at the current level of about ₹362 and add longs if the price moderates to ₹345. Keep initial stop-loss at ₹320. When the stock goes above ₹390, tighten the stop-loss to ₹370. Liquidate the buys at ₹415.