Axis Bank (AXIS), PFC (PFC), and HPCL (HPCL) Trading Strategies for Tomorrow, May 28: Expert Insights

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  <li>Indian stock market: Both Nifty 50 and Sensex remained steady after reaching new peaks earlier in the trading day on Monday, May 27.</li>
  <li>Despite initially climbing to record levels with the Sensex touching 76,009.68 and the Nifty 50 reaching 23,110.80, both indices couldn't sustain the momentum, experiencing minor declines due to profit booking.</li>
  <li>“Nifty index opened positive above 23000 zones and touched a fresh all-time high of 23110 levels. It was followed by profit booking in the second half of the session and gave up its intraday gains. It formed a small-bodied Bearish candle daily and has been making higher highs from the last eleven trading sessions. Now it has to hold above 22900 zones for an up move towards 23200 then 23350 zones whereas supports can be seen at 22850 then 22700 zones," said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.</li>
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<p><strong>Stay updated with the latest movements in the Indian stock market, including insights on Nifty 50 and Sensex trends.</strong></p>
<h2><strong>Bank Nifty</strong></h2>
<p>Bank Nifty Index opened on a positive note and gradually extended the momentum towards 49688 marks in the first half of the session. However, the Index remained highly volatile in a wider range of 500 points in the last hour of the day and ended with gains of around 310 points.</p>
<h3><strong>Technical Analysis and Future Outlook</strong></h3>
<p>“It formed a small-bodied Bullish candle on daily scale and has been forming higher highs - higher lows from the last three sessions. Now it has to hold above 49000 zones for an up move towards 49500 then 50000 zones while on the downside the support has shifted higher at 49000 then 48750 levels," Taparia added.</p>
<h3><strong>Stock Recommendations</strong></h3>
<p>Chandan Taparia has recommended three stocks to buy tomorrow, May 28. According to him, these stocks are technically placed to see a decent upmove. These three stocks to buy today include, HPCL, Axis Bank and PFC.</p>
<h3><strong>Hindustan Petroleum: Buy | Target Price: ₹585.8 | Stop Loss: ₹542</strong></h3>
<p>HPCL has given range breakout on daily chart and managed to close above the same. It has formed a bullish candle on daily scale and supports are gradually shifting higher. Buying is visible across Oil & Gas space which may support the ongoing up move.</p>
<h3><strong>Axis Bank: Buy | Target Price: ₹1240 | Stop Loss: ₹1160</strong></h3>
<p>Axis bank has retested breakout on daily scale and inched higher. It is in continuous uptrend and supports are gradually shifting higher.</p>
<h3><strong>PFC: Buy | Target Price: ₹545 | Stop Loss: ₹500</strong></h3>
<p>PFC has given triangle breakout on daily chart with noticeable volumes. Momentum indicator Relative Strength Index (RSI) is positively placed which has bullish implications.</p>
<h3><strong>Conclusion</strong></h3>
<p>In conclusion, the Indian stock market displayed significant volatility with both Nifty 50 and Sensex retreating from their record highs due to profit booking. The Bank Nifty also showed positive movement despite volatility. Investors are advised to keep an eye on the support and resistance levels mentioned and consider the recommended stocks for potential gains.</p>