 "Buy Godrej Industries for a target of 430, SL of Rs 383: Religare Broking")
Top trading ideas by Religare Broking:
Adani Ports and Special Economic Zone Limited
Rec: BUY
Last Close: Rs 399.75
Initiation range: Rs 395-400
Target: Rs 430
Also Read
Stop loss: Rs 383
After consolidating in a broader range for last almost five months on chart, ADANIPORTS has surged strongly, with decent rise in volume and ended near its day’s high, indicates fresh breakout from its declining trend-line pattern. Further, the existence of support zone of multiple moving averages is also adding to the positivity. We advise traders to accumulate the stock in the given range.
Godrej Industries Limited
Rec: BUY
Last Close: Rs 648.65
Initiation range: Rs 640-645
Target: Rs 675
Stop loss: Rs 628
GODREJIND is one of the strong counters in FMCG space. It’s been consolidating in a broader range for last 10 months or so while holding firmly above the support zone of 100 EMA on weekly chart. Currently, it’s trading on the verge of breakout from the same. We advise traders to use this buying opportunity and create fresh longs as per the mentioned levels.
L&T Finance Holdings Limited
Rec: BUY
Last Close: Rs 176
Initiation range: Rs 170-174
Target: Rs 190
Stop loss: Rs 165
L&TFH has retraced marginally after retesting hurdle around 185 however we believe it’s just a pause prior to breakout. The chart pattern combined with positioning of confirmation indicators is clearly pointing towards breakout in near future. Traders shouldn’t miss this opportunity and accumulate in the given range.
Piramal Enterprises Limited
Rec: BUY
Last Close: Rs 2,669
Initiation range: Rs 2,630-2,660
Target: Rs 2,860
Stop loss: Rs 2,540
PEL has recently witnessed breakout from its corrective phase and currently hovering in a narrow range, indicates consolidation. Keeping in the mind the past trend and overall chart structure, it’s an excellent opportunity to create fresh longs.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
http://www.religareonline.com/research/Disclaimer/
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