 "Buy and sell ideas by Religare Securities for Tuesday's session")
Nifty Outlook
Nifty gained over half a percent on Monday amid volatility. It opened with an uptick and remained range-bound thereafter due to lack of follow-up buying. Mostly sectoral indices ended higher in line with the benchmark wherein media, banking and pharma posted decent gains.
The prevailing dullness in our markets can be attributed to the recently concluded earnings season, which failed to cheer the participants at large. And now, the anxiety of derivatives expiry has taken over. We feel things would be clear by the end of this week. Meanwhile, one should focus on risk management, while keeping a close eye on upcoming data such as GDP and auto sales for further cues.
United Spirits (MCDOWELL-N)
Rec: BUY
Last Close: 2571.80
Initiation range: Rs 2520-2540
Target: Rs 2740
Stoploss: Rs 2450
After breakout from a trend reversal pattern, MCDOWELLN witnessed a sharp surge in early July and touched Rs 2750+ mark in no time. The recent retracement to the neckline area of the pattern is again offering an opportunity to accumulate. Existence of moving averages support around that zone is added positive. Traders can initiate fresh long in the given range.
Asian Paints (ASIANPAINT)
Rec: BUY
Last Close: Rs 1155.90
Initiation range: Rs 1140-1150
Target: Rs 1210
Stop loss: Rs 1120
ASIANPAINT has been consolidating in a broader range for almost three months closer to the support area of multiple moving averages on the daily chart. The recent surge indicates strong possibility of breakout in near term.
Allahabad Bank (ALBK)
Rec: SELL SEP FUTS
Last Close: Rs 68.95
Initiation range: Rs 70-71
Target: Rs 65
Stop loss: Rs 73
In line with other PSU counters, ALBK has been trading under selling pressure for past several months. Keeping in mind the past trend and current chart formation, we suggest using the recent bounce to initiate fresh shorts in the given range.
Disclaimer: http://www.religareonline.com/research/Disclaimer/
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