Trading calls by Ajit Mishra of Religare Broking: Buy Bharti Airtel, GAIL

BHARTI AIRTEL LIMITED

Recommendation: Buy

Last Close: 552.45

Initiation range: 550-554

Target: 595

Stop loss: 538

Bharti Airtel has witnessed a fresh breakout from a consolidation range after spending nearly two months It strongly upheld the support zone of long-term moving average( 200 EMA) on the daily chart throughout that phase. Indications are in the favor of a steady rise from hereon. Traders shouldn't miss this opportunity and create fresh longs in the mentioned zone. 

GAIL (INDIA) LIMITED

Recommendation: Buy

Last Close: 143.75

Initiation range: 141-143

Target: 155

Stop loss:138

Gail has witnessed a fresh breakout on Tuesday, after spending nearly one and a half months in a consolidation range. The chart pattern indicates the possibility of a strong surge in the near future. We thus suggest creating fresh longs in the given range.

BANDHAN BANK LIMITED 
 

Recommendation: Sell May Futures

Last Close: 318.8

Initiation range: 318-320

Target: 304

Stop loss: 327

We’re seeing a mixed trend within the banking pack and Bandhan Bank is seeing selling pressure on every rise. It has been trading below the long-term moving averages on multiple time frames as well which further adds to the negativity. We feel traders should maintain few short positions also in the current market scenario.

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Note: All prices are in Rs

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

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