3 stocks chosen by Ajit Mishra that may offer good short-term returns

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Axis Bank Limited

Recommendation: Buy

Last closing: Rs 786.50

Initiation range: Rs 775-780

Target: Rs 820

Stop loss: Rs 760

We are seeing noticeable pull in the banking pack and Axis Bank is also trading in sync with the banking index. It recently broke the upper band of the consolidation range around Rs 780 levels and is expected to gradually move closer to its all-time high. Traders should not miss this opportunity and initiate long trades within the given range.

Container Corporation of India Limited

Recommendation: Buy

Last closing: Rs 679.55

Initiation range: Rs 670-675

Target: Rs 715

Stop loss: Rs 650

Concor has traded with a corrective bias over the past two months, having hit a new all-time high at Rs 748 levels in June 2021. It has formed a base while remaining strongly above the support zone of the mid-term moving average (100 EMA) on the daily chart and looks poised for a rebound now. We therefore recommend creating long charges in the mentioned area.

Syngene International Limited

Recommendation: Buy

Last closing: Rs 641.35

Initiation range: Rs 636-642

Target: Rs 675

Stop loss: Rs 624

Syngene has formed a solid base around Rs 600 levels over the past four months while consolidating above the medium term moving average (100 EMA) support area on the daily chart. The graphical pattern combined with the recent increase in volumes indicates a steady progression from now on. We recommend that you accumulate within the given range.

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Disclaimer: Ajit Mishra is Vice President of Research at Religare Broking; https://www.religareonline.com/disclaimer

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