Buy Grasim for target of Rs 1,080, stop loss of Rs 1,000: Religare Broking

Top technical calls by Religare Broking: 

Grasim Industries 

Rec: BUY 

Last Close: Rs 1,036.70

Initiation range: Rs 1,025-1035

Target: Rs 1,080

Stop loss: Rs 1,000

In line with correction in cement space, GRASIM also retraced from its record high i.e. 1300 to 990 in last seven months. However, its pace of fall was gradual in comparison to the others and it also strongly upheld the support zone of 100 EMA on the weekly chart. It’s completed the formation of fresh buying pivot after spending nearly a month around that zone.

We advise traders not to miss this buying opportunity and accumulate in the given initiation range. 

Shriram Transport Finance Company 

Rec: SELL JULY FUTS

Last Close: Rs 1,436.10

Initiation range: Rs 1,450-1,460

Target: Rs 1,350

Stop loss: Rs 1,495

After making a record high at 1668.75 in April 2018, SRTRANSFIN has been witnessing correction and the current chart pattern is indicating possibility of fresh decline ahead. Traders may use any bounce in the given range to create fresh shorts.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

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