 "Weekly stock picks by Religare Broking: Buy Asian Paints, BPCL")
Buy ASIAN PAINTS LIMITED
Last Close: Rs 1,891.30
Initiation range: Rs 1,860-1,870
Target: Rs 1,980
Stop loss: Rs 1,820
ASIANPAINT has surged strongly of late and posted a fresh breakout from its 4-month long consolidation phase. The up-move was supported by an exceptional rise in volume, indicating a possible continuation of the positive momentum. We thus advise creating fresh longs within the 1,860-1,870 zone.
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Buy BHARAT PETROLEUM CORPORATION LIMITED
Last Close: Rs 478.50
Initiation range: Rs 470-474
Target: Rs 500
Stop loss: Rs 460
BPCL has been rebounding sharply after retesting the support zone of 200 EMA on the daily chart. It has formed a flag pattern (which indicates pause after a sharp move) on the weekly chart and is trading on the verge of a breakout from the same as well. We thus advise initiating fresh longs within the mentioned levels.
Sell February Futures of STATE BANK OF INDIA
Last Close: Rs 306.50
Initiation range: Rs 303-306
Target: Rs 282
Stop loss: Rs 314
All the PSU counters are trading under tremendous pressure and SBIN is no different. Recently, it has witnessed fresh breakdown from a distribution pattern and also slipped below the support zone of 200 EMA on the daily chart. All indicators are in the favor of a gradual slide from hereon. Traders can create fresh shorts in a given range of 303-306.
Sell February Futures of RBL BANK LIMITED
Last Close: Rs 317.95
Initiation range: Rs 320-323
Target: Rs 302
Stop loss:Rs 332
We’re seeing a mixed trend within the private banking pack and RBL Bank is in a downtrend. After forming a new record low at 230.55 level, it witnessed sharp rebound but couldn’t surpass the hurdle of 100 EMA on the daily chart and started drifting lower again. The recent bounce is offering a fresh shorting opportunity to those who had missed earlier.
Disclaimer: http://www.religareonline.com/disclaimer
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