Top stock picks by Ajit Mishra: Buy Ambuja Cements, Motherson Sumi

Ambuja Cement surged almost vertically from the support zone of the medium-term moving average (100 EMA) on the daily chart and made a new record high as well

Ambuja Cements Limited
 

Recommendation: Buy 

Last Close: 276.25

Initiation range: 270-272

Target: 294

Stop loss: 256

Mostly cement stocks have gained substantially in the last two trading sessions and Ambaja Cement is also trading in tandem with the trend. It surged almost vertically from the support zone of the medium-term moving average (100 EMA) on the daily chart and made a new record high as well. The chart pattern, combined with recent buoyancy in the market, is pointing towards a steady up move ahead. Traders can create fresh longs on any dip in the given range.
 

MothersonSumi Systems Limited
 

Recommendation: Buy

Last Close: 156.30

Initiation range: 156-158

Target: 180

Stop loss: 145

MothersonSumi has retraced marginally and tested the support zone around 140, taking a breather after a strong recovery from the March 2020 lows. It has formed a fresh buying pivot now and looks all set to resume the uptrend. We thus advise creating fresh longs in the mentioned zone.

Zee Entertainment Enterprises Limited
 

Recommendation: Buy

Last Close: 242.90

Initiation range: 240-242

Target: 260

Stop loss: 228

We're seeing a gradual recovery in media stocks and Zee Entertainment is also participating in the move now. It has witnessed a fresh breakout on February 2, after spending nearly one and a half months in a consolidation range. Indications are in the favour of recent momentum to extend further. Traders shouldn’t miss this opportunity and create fresh longs in the given range.

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Note: All prices are in Rs
 

Disclaimer: Ajit Mishra is VP - Research at Religare Broking

http://www.religareonline.com/disclaimer