 "Technical calls by Religare Broking: Buy Dabur, HDFC, Hero Motocorp")
Dabur India
Recommendation: Buy
Last Close: Rs 465.85
Initiation range: Rs 462-466
Target: Rs 490
Stop loss: Rs 450
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We’re seeing a mixed trend in the FMCG space wherein DABUR is showing tremendous strength. After retesting the record high, it has witnessed a marginal dip of late, offering fresh buying opportunity to those who missed the chance earlier. The chart pattern combined with the existence of strong support at 450 levels is further adding to the positivity. We advise creating fresh longs in the given range.
Housing Development Finance Corporation
Recommendation: Buy
Last Close: Rs 2,113.05
Initiation range: Rs 2,100-2,110
Target: Rs 2,190
Stop loss: Rs 2,070
HDFC is looking all set for a fresh surge after two months of profit-taking phase. It’s currently trading above the support zone of major moving averages post the rebound from its crucial support zone of 1950 levels. The recent pause has resulted in the formation of a fresh buying pivot on the daily chart. We advise accumulating fresh longs in the given range.
Hero MotoCorp
Recommendation: Buy
Last Close: Rs 2,701.55
Initiation range: Rs 2,690-2,700
Target: Rs 2,830
Stop loss: Rs 2,630
We’re seeing recovery in Auto space and HEROMOTOCO is also following the trend. Currently, it’s consolidating in a range around its resistance hurdle of 200 EMA on the daily chart and likely to see a breakout in the near future. We thus suggest traders to use this phase and initiate fresh longs positions in the given range.
UPL
Recommendation- Buy
Last Close: Rs 594.90
Initiation range: Rs 590-595
Target: Rs 635
Stop loss: Rs 575
UPL has been hovering in a narrow range around the support zone of multiple moving averages on the daily chart for the last month. This recent pause, after a sharp rebound, is offering fresh buying opportunity for those who missed the chance earlier. We advise traders to gradually accumulate in the mentioned zone.
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