Sizzling Stocks : Axis Bank , IVRCL:: Business Line,

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Sizzling Stocks : Axis Bank (Rs 1,286)

After the announcement of Axis Bank's Q4 and FY 11 results, the stock reversed lower from its key resistance level of Rs 1,450 by tumbling 5 per cent with a downward gap on April 25. The selling pressure continued over the week and the stock plunged 11 per cent during this period. We observe that there is an increase in daily volumes over the past five sessions.

However, the stock is testing key support level in the band between Rs 1,280 and Rs 1,300. A move upwards from this support will be a corrective rally that will take the stock higher to Rs 1,350 or Rs 1,372 (200-day moving average). Inability to move above Rs 1,372 can pull the stock down to the current support band once again. However, a strong downward penetration of the support will mean resumption of the downtrend that has been on place since October 2010 peak of Rs 1,608. In this case, the stock can fall to Rs 1,200 or Rs 1,150 in the medium-term. Key resistances are pegged at Rs 1,450 and Rs 1,560.

IVRCL (Rs 79.1)

The stock failed to move above its key resistance at Rs 90 and stumbled more than 10 per cent in the previous week with low volumes. The long and intermediate-term trends point downwards for the stock. An empathic close below Rs 80 will signal resumption of the intermediate-term downtrend and accelerate the decline to Rs 60 over the medium-term.

On the other hand, a strong surge above Rs 95 can take the stock higher to Rs 100 and then to Rs 110. However, only a strong move above Rs 160 will mar the stock's intermediate-term downtrend