 "Weekly stock picks by Ajit Mishra of Religare Broking: Buy Dabur, HPCL")
Dabur India Limited
Recommendation: Buy
Last Close: 513.85
Initiation range: 512-515
Target: 542
Stop loss: 500
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We've seen tremendous buying interest in the FMCG majors of late. However Dabur has been consolidating in a range while holding strongly above the support zone of the medium-term moving average (100 EMA) on the daily chart. The chart pattern now indicates the possibility of a steady up move from hereon. We thus suggest initiating fresh longs in the given range
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Havells India Limited
Recommendation: Buy
Last Close: 864.80
Initiation range: 858-862
Target: 920
Stop loss: 830
Havells has witnessed a breakout from a consolidation range of 800-850 on December 15, with a noticeable rise in volume. It's currently trading at a record high and likely to carry this momentum. Traders shouldn't miss this opportunity and use any intraday dip to create fresh longs in the mentioned zone.
Hindustan Petroleum Corporation Limited
Recommendation: Buy
Last Close: 226.45
Initiation range:224-226
Target: 240
Stop loss: 218
In line with other oil marketing stocks, Hindustan Petroleum has been witnessing gradual recovery for the last two months. It has recently surpassed the hurdle of the long term moving average(200 EMA) on the weekly chart and likely to march further northward.We suggest creating fresh long trades in the given range.
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Note: All prices are in rupees
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
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