Buy IndusInd Bank, Sun Pharmaceutical Industries, says Religare Broking
Top trading ideas by Religare Broking.
 "Buy IndusInd Bank, Sun Pharmaceutical Industries, says Religare Broking")
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IndusInd Bank Limited
Rec: BUY
Last Close: Rs 1,607.90
Initiation range: Rs 1,600-1,610
Target: Rs 1,740
Stop loss: Rs 1,530
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INDUSINDBK has witnessed decent profit taking from its record high and currently hovering around the support area of 100 EMA on the weekly chart. Considering its chart pattern and oversold positions, we expect marginal consolidation followed by strong rebound ahead. The rise in volume also indicates buying interest. We advise traders to use this phase and accumulate in the given range.
Sun Pharmaceutical Industries Limited
Rec: Buy
Last Close: Rs 609.75
Initiation range: Rs 605- Rs 610
Target: Rs 645
Stop loss: Rs 588
In line with other pharma majors, SUNPHARMA has also rebounded strongly of late, after retesting its crucial price support zone around 430 levels and witnessed breakout from a bullish reversal pattern. Currently, it has been consolidating near its support zone of short moving averages (50/100) EMA’s on the daily chart, offering an opportunity for fresh buying.
ACC Limited
Rec: Sell October Futures
Last Close: Rs 1,464.70
Initiation range: Rs 1,480- Rs 1,490
Target: Rs 1,410
Stop loss: Rs 1,520
Mostly cement counters are struggling at present and ACC is no different. It has posted a breakdown of late from its distorted bearish pattern and likely to witness a fresh fall in near future. The confirmation indicators are also in sync with the view. We advise traders using any uptick to initiate fresh short positions in the mentioned zone.
Bajaj Auto Limited
Rec: Sell October Futures
Last Close: Rs 2,550.10
Initiation range: Rs 2,600- Rs 2,620
Target: Rs 2,470
Stop loss: Rs 2,680
BAJAJ-AUTO has witnessed breakdown from a distribution pattern of late and likely to see gradual decline ahead. Besides, overall weakness in auto index is adding to negativity. We advise initiating shorts on any technical bounce within the given range.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
http://www.religareonline.com/research/Disclaimer/
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