 "Trading strategies for Bandhan Bank & Ambuja Cement by Ajit Mishra")
Ambuja Cements Limited
Recommendation: Sell December Futures
Last Close: 379.05
Initiation range: 381-383
Target: 365
Stop loss: 390
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Mostly cement counters have been witnessing profit taking and AMBUJACEM is trading in sync with the others. After a sharp decline, it witnessed a marginal rebound of late but failed to surpass the resistance zone around 385 levels. Indications are in the favour of the resumption of decline in the near future. We thus recommend creating fresh shorts in the mentioned zone.
Biocon Limited
Recommendation: Buy
Last Close: 378.15
Initiation range: 374-377
Target: 398
Stop loss: 365
BIOCON has witnessed a decent correction in the last one year, after making a record high at 487.75 in December 2020. Recently, it has surpassed the resistance zone of long term moving average (200 EMA) on the daily chart and also breached the declining trend as well. The chart pattern now indicates gradual recovery from hereon. We, thus, advise accumulating fresh longs in the given range.
Bandhan Bank Limited
Recommendation: Sell December Futures
Last Close: 279.95
Initiation range: 285-288
Target: 270
Stop loss: 298
BANDHNABNK has been underperforming the banking index and is still struggling below the resistance zone of moving averages ribbon on multiple time frames. It has plunged sharply after the failed attempt to surpass the resistance zone around 310 levels recently and formed a fresh shorting pivot. We, thus, advise creating fresh shorts within the mentioned zone.
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Note: All prices are in Rs
Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
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