 "Technical calls by Religare Broking: Buy Dr Reddy's Lab, Ramco Cements")
Buy Dr. Reddy's Laboratories Limited
Last Close: Rs 2,815.70
Initiation range: Rs 2,790-2,800
Target: Rs 2,960
Stop loss: Rs 2,710
DRREDDY has been consolidating in a range while holding firmly above the support zone of moving averages ribbon (50, 100 and 200 EMA) on the multiple time frames. Indications are now in the favor of breakout ahead. We advise initiating fresh longs in the given range.
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Buy The Ramco Cements Limited
Last Close: Rs 791.05
Initiation range: Rs 775-785
Target: Rs 840
Stop loss: Rs 760
RAMCOCEM has formed a cup and handle pattern (which generally act as a continuous pattern) on the weekly chart while holding above the support zone of long term moving averages. After the recent surge from its crucial support zone around 690 levels, it has witnessed a marginal dip, offering fresh buying opportunity to those who missed the chance earlier. We advise accumulating in the mentioned zone.
Buy Tata Chemicals Limited
Last Close: Rs 636.85
Initiation range: Rs 620-625
Target: Rs 665
Stop loss: Rs 605
Post breakout from its nine-month long consolidation phase, TATACHEM is currently consolidating around its major support zone of long term moving averages on daily chart. The chart pattern combined with positioning of the confirmation indicators is now pointing towards steady rise ahead. We thus suggest initiating fresh longs as per the mentioned levels.
Sell November Futures of Canara Bank
Last Close: Rs 207.15
Initiation range: Rs 209-211
Target: Rs 195
Stop loss: Rs 216
In line with other PSU banking counters, CANBK has also witnessed decent recovery of late and reached closer to its immediate hurdle of 100 EMA on the daily chart. Considering its chart pattern and overall downtrend, we see this rebound as shorting opportunity and expect decline to resume. We thus suggest traders to initiate fresh shorts within the mentioned zone.
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