 "Buy Pidilite Industries and Asian Pains, says Religare Securities")
Here are three trading ideas for today’s trade by brokerage Religare Securities:
Pidilite Industries - BUY
Last Close: Rs 812.80
Initiation range- Rs 800-810
Target: Rs 870
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Stop loss: Rs 775
After making a record high, Pidilite has been hovering in a range between 775-835 zone for past two months. And, now it looks upbeat for a fresh breakout. Traders should use this phase to accumulate in the given range.
Asian Paints - BUY
Last Close: Rs 1,154
Initiation range- Rs 1,140-1150
Target: Rs 1,220
Stop loss: Rs 1,115
Asian Paints has been consolidating in a broader range for almost two months near to support zone of multiple moving averages on daily chart. Despite recent correction across the board, it’s been holding strong and likely to witness breakout in near future thus we advise accumulating in the given range.
Divi's Laboratories – SELL FUTS
Last Close: Rs 638
Initiation range- Rs 650-660
Target: Rs 580
Stop loss: Rs 685
Divi's Laboratories has been under pressure for last nine months and trading well below the moving averages (i.e. 200/100/50 EMA) on daily chart. The chart pattern indicates further slide ahead so use any technical bounce to go short in the given range.
Disclaimer: http://www.religareonline.com/research/Disclaimer/
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