US Markets
Home›US Markets›Equities›Kotak Securities flags Axis Bank among three stocks fo…
Kotak Securities flags Axis Bank among three stocks for 1-2 weeks
Nifty 50 extended losses for a seventh straight session on Aug. 19, with Kotak citing oil price pressure and a break below the 50-day SMA.
India’s Nifty 50 extended its slide for a seventh consecutive session on Aug. 19, its longest losing streak since September 2025, as higher oil prices weighed on sentiment amid stalled US-Iran peace talks, according to LiveMint Markets. Kotak Securities’ Amol Athawale said the index continues to show a lower-top pattern on intraday charts and formed a bearish candle on the daily timeframe. He also noted that Nifty closed below its 50-day simple moving average after a long gap, pointing to weakness from current levels. Athawale outlined a near-term technical range, saying a quick pullback rally could occur if Nifty moves above the 24,150 resistance level, potentially opening a move toward 24,300 to 24,350. He added that below 24,000, selling pressure may intensify, dragging the index toward 23,900 to 23,850. Within equities, Athawale highlighted Axis Bank, saying shares reversed from an important demand zone and formed a double-bottom pattern on the daily chart while remaining in a steady uptrend. He also cited RSI supporting further upside, adding that the bullish setup is likely to continue as long as the stock trades above Rs 1,180, with a potential move up to Rs 1,310, over the next 1 to 2 weeks.