 "Technical calls by Religare Broking: Buy Aurobindo Pharma, Bata")
Top trading ideas by Religare Broking:
Aurobindo Pharma Limited
Rec: BUY
Last Close: Rs 761.05
Initiation range: Rs 750-755
Target: Rs 820
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Stop loss: Rs 720
AUROPHARMA witnessed decent profit taking of late and found support around the short-term moving averages (50/100 EMA) on the daily chart. We believe it’s an excellent buying opportunity, considering the overall chart structure and positioning of confirmations indicators. Traders can accumulate within the given range.
Vedanta Limited
Rec: Sell Oct Futures
Last Close: Rs 231.85
Initiation range: Rs 233-235
Target: Rs 220
Stop loss: Rs 240
Unlike other metal counters, VEDL has been seeing gradual recovery and facing tremendous pressure around the resistance zone around 240 levels for past almost one month. Indications are in the favour of a fresh decline in the near future. We advise using any uptick to create fresh shorts in the given range.
Bata India Limited
Rec: BUY
Last Close: Rs 960.85
Initiation range: Rs 950-960
Target: Rs 1,040
Stop loss: Rs 910
After a decent correction from its record high, BATAINDIA has formed a strong base around the support zone of medium-term moving average (100 EMA) on the daily chart. Keeping in mind the prevailing trend and overall chart formation, we advise using this dip as a buying opportunity.
Bharti Airtel Limited
Rec: Sell Oct Futures
Last Close: Rs 362.35
Initiation range: Rs 362-365
Target: Rs 340
Stop loss: Rs 372
Mostly telecom counters are trading in downtrend and BHARTIARTL is no different. After hovering in a narrow range near its resistance hurdle of moving averages around 390, it has witnessed a fresh breakdown today i.e. on Sep 25, 2018, and likely to see a sharp fall in near future. Traders should use any technical bounce to go short in 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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