DERIVATIVE PICK 28 03 2011

• AXIS BANK (CASH – Rs.1364.95) : The stock has closed on a very strong note and after a very long timehas given a bullish breakout by piercing and closing above the crucial resistance line. The 14 day RSI toohas broken out of an ascending triangle pattern and has crossed the crucial 60 level giving strength to theprice pattern breakout. Buying is advised above Rs.1371 for a target of Rs.1394 and Rs.1412. Higher targetof Rs.1435 and Rs.1452 is also possible. Stop Loss of Rs.1334 should be kept. The time frame of the tradefor the final target would be around 8-10 trading sessions.
  

• JINDAL SOUTHWEST HOLDINGS (CASH – Rs.944) : The stock has closed on a strong note and we areof the view that the worst for the stock is over. Buying is advised above Rs.958 for a target of Rs.982 andRs.999. Higher target of Rs.1029 and Rs.1062 is also possible. The explosive move would come only aboveRs.982. Stop Loss of Rs.919 should be kept.