 "Here's why Ajit Mishra is bullish on Petronet, Motherson, Muthoot Finance")
Motherson Sumi Systems Limited
Recommendation: Buy
Last Close: Rs 238.65
Initiation range: Rs 235-237
Target: Rs 250
Stop loss: Rs 230
We are seeing noticeable traction in the auto & ancillary space and Motherson Sumi also looks set to resume the trend. The stock seems to be gradually rebounding after forming a strong base around Rs 220 levels and is likely to retest the previous swing high soon. We recommend creating fresh longs in the mentioned zone.
Muthoot Finance Limited
Recommendation: Buy
Last Close: Rs 1,629.05
Initiation range: Rs 1,610-1,620
Target: Rs 1,700
Stop loss: Rs 1,580
Muthoot Finance has witnessed a fresh breakout from a consolidation range of Rs 1,450-1,580 and made a new record high as well. The chart pattern is pointing towards a strong up move. Traders shouldn’t miss this opportunity and accumulate the stock in the given range.
Petronet LNG Limited
Recommendation: Buy
Last Close: Rs 235.60
Initiation range: Rs 232-234
Target: Rs 244
Stop loss: Rs 229
Petronet LNG has been consolidating within Rs 210-260 levels for over a year and currently trading in the middle of the band. The stock has formed a strong base around Rs 230 levels which also coincides with the support zone of long-term moving average (200-EMA) on the daily chart. Indications are in the favor of a steady up move from hereon. We thus recommend creating fresh longs in the mentioned zone.
Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
Recommendation: Buy
Last Close: Rs 238.65
Initiation range: Rs 235-237
Target: Rs 250
Stop loss: Rs 230
Also Read
We are seeing noticeable traction in the auto & ancillary space and Motherson Sumi also looks set to resume the trend. The stock seems to be gradually rebounding after forming a strong base around Rs 220 levels and is likely to retest the previous swing high soon. We recommend creating fresh longs in the mentioned zone.
Muthoot Finance Limited
Recommendation: Buy
Last Close: Rs 1,629.05
Initiation range: Rs 1,610-1,620
Target: Rs 1,700
Stop loss: Rs 1,580
Muthoot Finance has witnessed a fresh breakout from a consolidation range of Rs 1,450-1,580 and made a new record high as well. The chart pattern is pointing towards a strong up move. Traders shouldn’t miss this opportunity and accumulate the stock in the given range.
Petronet LNG Limited
Recommendation: Buy
Last Close: Rs 235.60
Initiation range: Rs 232-234
Target: Rs 244
Stop loss: Rs 229
Petronet LNG has been consolidating within Rs 210-260 levels for over a year and currently trading in the middle of the band. The stock has formed a strong base around Rs 230 levels which also coincides with the support zone of long-term moving average (200-EMA) on the daily chart. Indications are in the favor of a steady up move from hereon. We thus recommend creating fresh longs in the mentioned zone.
Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
http://www.religareonline.com/disclaimer
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