Top trading ideas by Ajit Mishra of Religare Broking: Buy Airtel, HDFC Life

Bharti Airtel
 

Recommendation: Buy
 

Last Close: Rs 546.80
 

Initiation range: Rs 540-545
 

Target: Rs 570
 

Stop loss: Rs 530

Bharti Airtel has started rebounding of late after retesting the major support zone of the long-term moving average (200 EMA) on the daily chart. The chart formation on multiple time frames is pointing towards a gradual recovery ahead. We thus advise creating fresh longs in the mentioned zone.

HDFC Life Insurance Company
 

Recommendation: Buy
 

Last Close: Rs 689.70
 

Initiation range: Rs 680-686
 

Target: Rs 705
 

Stop loss: Rs 675

HDFC Life has formed a strong base after hovering in a narrow range for nearly a month and looks set to reverse the short-term downtrend. It’s trading on the verge of a declining trendline breakout on the daily chart. Traders should not miss this opportunity and accumulate within the given range.

L&T Finance Holdings
 

Recommendation: Buy
 

Last Close: Rs 96.60
 

Initiation range: Rs 95-97
 

Target: Rs 104
 

Stop loss: Rs 93

L&T Finance Holdings has been witnessing recovery after retesting the major support zone of long-term moving average (200 EMA) on the daily chart. The chart pattern and existence of a strong support zone around 90 levels, makes it an ideal candidate for taking fresh long positions on the counter.

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Disclaimer: Ajit Mishra is VP - Research at Religare Broking.

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