SBI Card & 2 other stocks that Ajit Mishra is bullish on

Info Edge (India) 

Recommendation: Buy

Last Close: Rs 5,760.80

Initiation range: Rs 5,700-5,750

Target: Rs 6,100

Stop loss: Rs 5,550

Info Edge (Naukri) has finally witnessed a breakout from a broader consolidation range of Rs 4,200-5,600 after spending nearly eight months there. The move was accompanied by a noticeable rise in volumes as well, further adding to the confirmation. We thus advise creating fresh longs in the mentioned zone.

SBI Life Insurance Company 

Recommendation: Buy

Last Close: Rs 1,160.40

Initiation range: Rs 1,140-1,150

Target: Rs 1,240

Stop loss: Rs 1,100

Among life insurer stocks, SBI Life has been in a steady uptrend since March 2020. It has formed a fresh buying pivot after consolidating in a range while holding firmly above the support zone of short term moving average( 20 EMA). Indications are in the favour of a new record high soon. We recommend initiating long trades in the given range.

SBI Cards and Payment Services 

Recommendation: Buy

Last Close: Rs 1,027.90

Initiation range: Rs 1,005-1,015

Target: Rs 1,065

Stop loss: Rs 990

SBI Card has been witnessing consolidation for the last two months after retesting the record high around Rs 1,140 zone in June. It has tested the support zone of the long term moving average (200 EMA) twice in the recent past and rebounded swiftly thereafter. Currently, it’s hovering in a narrow range while holding firmly above the medium term moving average (100 EMA) and is likely to see a rebound now.

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Disclaimer: Ajit Mishra is VP-Research at Religare Broking | https://www.religareonline.com/disclaimer