 "Trading tips by Ajit Mishra of Religare Broking: Buy HPCL, Petronet NLG")
Buy Hindustan Petroleum Corporation Limited
Last close: Rs 244.90
Initiation range: Rs 234-238
Target: Rs 265
Stop loss: Rs 225
Hindpetro has witnessed a strong rebound after forming a base above the support zone of moving averages ribbon on multiple time frames. The chart pattern indicates the potential of a gradual up move from hereon. Traders should use any dip to create fresh longs in the given range.
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Buy Petronet LNG Limited
Last close: Rs 251.40
Initiation range: Rs 248-250
Target: Rs 268
Stop loss: Rs 240
Petronet has been showing resilience as it is holding firmly above the support zone of long-term moving averages on the daily chart. The recent surge in the volume combined with the existence of a major support zone around 240 levels is pointing towards a steady rise ahead.
Buy Tata Steel Limited
Last close: Rs 729.30
Initiation range: Rs 720-726
Target: Rs 800
Stop loss: Rs 680
We are seeing noticeable traction in the metal pack and Tata Steel is leading the up move. It has witnessed a fresh breakout on February 23, after spending nearly one and a half months. Traders shouldn’t miss the opportunity and create fresh longs in the mentioned zone.
http://www.religareonline.com/disclaimer
Note: All prices are in Rs
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
http://www.religareonline.com/disclaimer
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