Stock calls by Religare Broking: Buy M&M Fin Serv, Apollo Hospitals, Bata
Here are the weekly stock recommendations by Religare Broking.
 "Stock calls by Religare Broking: Buy M&M Fin Serv, Apollo Hospitals, Bata")
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Mahindra & Mahindra Financial Services Limited
Recommendation: Buy
Last Close: Rs 426.60
Initiation range: Rs 418-422
Target: Rs 445
Stop loss: Rs 410
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M&MFIN has retraced marginally of late, after swift rebound from the support zone of long term moving averages i.e. 200-EMA (exponential moving average) on the weekly chart. Existence of strong support combined with favourable reading from the oscillators is pointing towards steady rise in near future. We advise creating fresh longs within the given range.
Apollo Hospitals Enterprise Limited
Recommendation: Buy
Last Close: Rs 1,379.95
Initiation range: Rs 1,370-1380
Target: Rs 1,480
Stop loss: Rs 1,330
APOLLOHOSP has surged strongly of late, after spending nearly four months around the support zone of long-term moving averages. Currently, it has taken a pause, offering fresh buying opportunity to those who missed earlier. The chart pattern and oscillators are also indicating further up move. We advise initiating fresh longs within the given levels.
Bata India Limited
Recommendation: Buy
Last Close: Rs 1,420.85
Initiation range: Rs 1,405-1415
Target: Rs 1,500
Stop loss: Rs 1,375
BATAINDIA had retraced marginally from its record high and consolidated within Rs 1,300 - Rs 1,400 range for nearly a month. Recently, it has posted breakout from the same with decent rise in volume and looks upbeat to maintain the positive momentum.
TVS Motor Company
Recommendation: Sell June Futures
Last Close: Rs 477.10
Initiation range: Rs 482-486
Target: Rs 460
Stop loss: Rs 494
Mostly, auto counters are struggling and TVS Motors is no different. After making a record high in January 2018, it has been continuously trading in a declining trend. Though, it had made several attempts in the past one year but couldn’t surpass the hurdle of 200-day EMA on daily chart. The current chart pattern indicates further fall in near future. We advise initiating fresh shorts on bounce as per the mentioned levels.
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Disclaimer: The brokerage may have positions in any or all the stocks mentioned above.
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