Weekly stock picks by Religare Broking: Buy Bajaj Auto, Bharat Electronics

Weekly Technical Recommendations by Religare Broking Ltd

Bajaj Auto

Recommendation: Buy

Last Close: Rs 3,010

Initiation range: Rs 2,985-3,005

Target: Rs 3,150

Stop loss: Rs 2,930

Bajaj Auto has been rebounding for last two months or so after testing its crucial support zone around Rs 2,450 levels. It has now reached closer to its resistance zone around Rs 3,050 and all indications are pointing towards the possibility of fresh breakout ahead. We thus advise traders to accumulate in the given range.

Bharat Electronics

Recommendation: Buy

Last Close: Rs 110.50

Initiation range: Rs 107-109

Target: Rs 120

Stop loss: Rs 103

BEL has been rebounding for the last eight months, after sharp correction from its record high. After the marginal dip, it has recovered sharply oflate and formed a fresh buying pivot on the daily chart. The current chart formation combined with positioning of indicators is adding to the positivity. We advise initiating fresh longs in the mentioned zone.

Godrej Consumer Products

Recommendation- Buy

Last Close: Rs 689.75

Initiation range: Rs 688-693

Target: Rs 740

Stop loss: Rs 670

The stock has been gradually rebounding for the last one month, after testing its crucial support zone of 200 EMA on the weekly chart. It’s currently consolidating in a range and likely to post a breakout from the same. We advise not to miss this buying opportunity and accumulate within the mentioned zone.

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Disclaimer: Views expressed are the author's own.

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