Weekly stock picks by Ajit Mishra of Religare Broking: Buy HDFC Life, M&M

HDFC Life has been gradually inching higher, after spending nearly a month in consolidation range, while holding strongly above the support zone of the long term moving (200 EMA) on the daily chart

M&M is also trading in tandem with the trend and hovering in a narrow range

Ajit Mishra Mumbai

2 min read Last Updated : Nov 11 2020 | 8:00 AM IST

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HDFC Life Insurance Company Limited

Recommendation: Buy

Last Close: 609.65

Initiation range: 605-615

Target: 660

Stop loss:590

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HDFC Life has been gradually inching higher, after spending nearly a month in consolidation range while holding strongly above the support zone of the long term moving (200 EMA) on the daily chart. It has formed a fresh buying pivot on the daily chart of late and looks upbeat to retest its record high in near future. We advise creating fresh long positions in the mentioned zone.

LIC Housing Finance Limited

Recommendation: Buy

Last Close: 321.90

Initiation range: 318-322

Target: 350

Stop loss: 306

LIC Housing Finance has witnessed a fresh breakout today i.e. on November 10 from a 2-month long consolidation phase. The chart pattern and positioning of the indicators are pointing towards a strong surge ahead. Traders shouldn’t miss this opportunity and accumulate in the given range.

Mahindra & Mahindra Limited

Recommendation: Buy

Last Close: 619.95

Initiation range:617-622

Target:665

Stop loss: 595

The auto pack has been trading in a range for the last two months, after a phenomenal recovery from the March lows. M&M is also trading in tandem with the trend and hovering in a narrow range. Existence of a major support zone of multiple moving averages combined with the prevailing market trend, we expect a fresh surge shortly.

Petronet LNG Limited

Recommendation: Buy

Last Close:239.10

Initiation range: 235-238

Target: 254

Stop loss :226

Petronet has been witnessing gradually recovery, after retesting the major support zone of 200 EMA on the weekly chart. It has also a bullish reversal pattern on the daily chart and witnessed a breakout from the same with a noticeable rise in volume. All indications are in the favour of steady up move from hereon.

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Note: All prices are in Rs

Disclaimer: Ajit Mishra is VP - Research at Religare Broking

http://www.religareonline.com/disclaimer