 "Ajit Mishra is bullish on Amara Raja, Cummins & PFC. Check why")
AMARA RAJA BATTERIES
Recommendation: Buy
Last Close: Rs 724.45
Initiation range: Rs 715-720
Target: Rs 760
Stop loss: Rs 695
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Amara Raja Batteries has been trading with a corrective bias for the last eight months and recently tested the major support zone around Rs 690 levels. The oversold positions combined with the existence of strong support around current levels indicate the possibility of a sharp rebound ahead. Traders shouldn’t miss this opportunity and create fresh longs in the mentioned zone.
CUMMINS INDIA
Recommendation: Buy
Last Close: Rs 909.70
Initiation range: Rs 905-910
Target: Rs 980
Stop loss: Rs 875
Cummins India witnessed a breakout from a Cup and Handle pattern on August 3, with a noticeable surge in volumes. All indications are in the favour of a strong surge ahead. We thus advise creating fresh longs in the mentioned zone.
POWER FINANCE CORPORATION
Recommendation: Buy
Last Close: Rs 132
Initiation range: Rs 129-132
Target: Rs 144
Stop loss: Rs 126
PFC has witnessed a breakout from a consolidation range of late and made a new record high as well. The chart pattern indicates the prevailing uptrend to continue with intermediate dips. We advise accumulating gradually in the given range.
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Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
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