Technical Analyst, Ashwani Gujral is of the view that one can stay away from Axis Bank, Kotak Mahindra. They are underperforming; most of them are below their 200 Exponential Moving Average (EMA). So basically these stocks are sideways. Kotak Mahindra Bank is range bound between Rs 600 and Rs 850, Axis Bank is range bound between Rs 800 and Rs 950.
Gujral told CNBC-TV18, "Axis Bank, Kotak Mahindra are underperforming; most of them are below their 200 Exponential Moving Average (EMA). So basically these stocks are sideways. Kotak Mahindra Bank is range bound between Rs 600 and Rs 850, Axis Bank is range bound between Rs 800 and Rs 950. So all these inflation link stocks are probably stocks that people need to keep away from, they still need a lot more bottoming out and right now the spaces to be in is oil & gas and probably technology."
Source: Moneycontrol.com
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