 "Ashok Leyland, Biocon look good on charts for a rebound: Ajit Mishra")
Ashok Leyland Limited
Recommendation: Buy
Last Close: Rs 143.35
Initiation range: Rs 140-142
Target: Rs 152
Stop Loss: Rs 137
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AshokLey has formed a base around the neckline (breakout) area of the previous consolidation range and looks set for a rebound now. The chart formation of the auto index is also in sync. Traders shouldn’t miss this opportunity and create fresh longs in the mentioned zone.
Biocon Limited
Recommendation: Buy
Last Close: Rs 333.55
Initiation range: Rs 330-334
Target: Rs 360
Stop Loss: Rs 320
We're seeing a mixed trend within the pharma space and Biocon has witnessed decent correction from its record high in the last 10 months. It has recently tested the major support zone of long term moving average(200 EMA) on the weekly chart which also coincides with the monthly support area of Rs 320-level. Technically, indications are in the favour of a steady rebound from hereon.
United Spirits Limited
Recommendation: Buy
Last Close: Rs 834.45
Initiation range: Rs 830-835
Target: Rs 890
Stop loss: Rs 800
The stock has been seeing profit-taking for the last 3 weeks after a phenomenal rise and almost tested the major support zone around Rs 800. It may see some consolidation around the current levels before resuming the uptrend. We thus recommend utilising this phase to accumulate it in the given range.
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Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
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