 "Weekly stock picks by Religare Broking: Buy Ashok Leyland, Bata India")
Buy Ashok Leyland Limited
Last Close: Rs 81.50
Initiation range: Rs 81-82
Target: Rs 87
Stop loss: Rs 79
We’re seeing steady rebound in the auto space and ASHOKLEY is no different. It has been rebounding for the past five months and now trading on the verge of fresh breakout from the consolidation range. Traders shouldn’t miss this opportunity and create fresh longs in the mentioned zone.
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Buy Bata India Limited
Last Close: Rs 1,751.55
Initiation range: Rs 1,735-1,745
Target: Rs 1,830
Stop loss: Rs 1,700
BATAINDIA has witnessed a fresh breakout from a consolidation range of late after spending nearly two months in a range. All indications are in the favor of strong spurt in the near future. We thus advise initiating fresh longs as per the given levels.
Buy Jubilant Foodworks Limited
Last Close: Rs 1,652.30
Initiation range: Rs 1,635-1,645
Target: Rs 1,710
Stop loss: Rs 1,610
JUBLFOOD was trading in a consolidation range around its record high and posted a fresh breakout on December 31 from its two-month long consolidation phase. The breakout was supported with decent rise in volume adding to the confirmation. We advise creating fresh longs in the given range.
Buy Vedanta Limited
Last Close: Rs 152.45
Initiation range: Rs 152-154
Target: Rs 162
Stop loss: Rs 150
VEDL is showing signs of trend reversal after spending nearly one and a half years in a corrective phase. The recent recovery in the metal space is further adding to the positivity. We suggest initiating fresh longs positions as per the given levels.
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