 "Weekly stock picks by Religare Broking: Buy Aurobindo Pharma, Ramco Cements")
Buy Aurobindo Pharma Limited
Last Close: Rs 493.20
Initiation range: Rs 490-494
Target: Rs 535
Stop loss: Rs 474
Most pharma counters are showing signs of reversal and fresh buying interest after prolong underperformance. AUROPHARMA, too, has witnessed a breakout from a consolidation range of late and surpassed the resistance zone of 100 EMA on the daily chart on January 21. The chart pattern and confirmation indicators are clearly pointing towards a steady rise from hereon. We advise accumulating in the given range.
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Buy The Ramco Cements Limited
Last Close: Rs 819.60
Initiation range: Rs 810-815
Target: Rs 870
Stop loss: Rs 795
RAMCOCEM has formed a cup and handle pattern (which generally acts as a continuous pattern) on the monthly chart while holding firmly above the support of major moving averages on multiple time frames. Currently, it’s hovering in a range, after a sharp up move, offering fresh buying opportunity to those who missed the chance earlier.
Sell January Futures of Bank of Baroda
Last Close: Rs 95.05
Initiation range: Rs 96 - 97
Target: Rs 90
Stop loss: Rs 99
BANKBARODA has been trading in a downtrend and there’s still no sign of reversal. After struggling around the critical resistance hurdle of multiple moving averages i.e. (100, 50 EMA) on the daily chart, it has witnessed a sharp fall of late that also results in the formation of a fresh shorting pivot. We advise creating fresh shorts in the given range.
Sell January Futures of Punjab National Bank
Last Close: Rs 61.40
Initiation range: Rs 62.50-63.50
Target: Rs 58
Stop loss: Rs 65
The PSU banking pack has been struggling for the last several years and PNB is no different. It has made multiple attempts to surpass the resistance zone of major moving averages (200,100 EMA) on the daily chart but failed and that results in the formation of fresh shorting pivot also. We, thus, suggest traders to initiate fresh shorts in the mentioned range.
Disclaimer: http://www.religareonline.com/disclaimer
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