 "Two pharma stocks that Ajit Mishra of Religare Broking is bullish on")
Buy Ambuja Cements Limited
Last Close: Rs 217.45
Initiation range: Rs 212-215
Target: Rs 234
Stop loss: Rs 205
The cement pack has been gradually inching higher for the last five months. Among the prominent names, Ambuja Cement has formed a fresh buying pivot, after a marginal dip to the major support zone of multiple moving averages around 205 levels. Traders can consider initiating fresh longs in the given range.
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Buy Aurobindo Pharma Limited
Last Close: Rs 818.80
Initiation range: Rs 810-815
Target: Rs 890
Stop loss: Rs 775
We’re seeing noticeable traction in the defensive pack and Aurobindo Pharma is also trading in line with the move. After making a new record high in August 2020, it retraced to the support zone of the medium-term moving average(100 EMA) on the daily chart and formed a base. All indications are in the favor of a gradual rise from hereon. We advise accumulating in the mentioned zone.
Buy Indraprastha Gas Limited
Last Close: Rs 419.85
Initiation range: Rs 414-418
Target: Rs 450
Stop loss: Rs 400
IGL has been witnessing correction for the last three months, after making a new record high of 520 in June 2020. It has formed a double bottom pattern(bullish reversal in nature) on the daily chart and trading on the verge of a breakout from the same. The positive divergence between the price chart and RSI oscillator is adding to the confirmation. Traders shouldn’t miss the opportunity and accumulate in the given range.
Buy Dr. Lal Path Labs Ltd.
Last Close: Rs 1,922.80
Initiation range: Rs 1,890-1,910
Target: Rs 2,020
Stop loss: Rs 1,840
In line with other healthcare-related counters, the stock has gained considerably in recent months. After the marginal dip to the immediate support zone around 1750 levels, it has rebounded sharply with a noticeable rise in volume. Considering the prevailing trend and buoyancy in the overall sector, traders should use any dip in the mentioned zone to create fresh positional longs.
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
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