 "Weekly stock picks by Religare Broking: Buy Balkrishna Industries, HUL")
Buy Balkrishna Industries Limited
Last Close: Rs 857.30
Initiation range: Rs 855-860
Target: Rs 900
Stop loss: Rs 838
BALKRISIND has been hovering in a range while holding strongly above the support zone of long-term moving average (200 EMA) on the daily chart. The overall chart pattern combined with signals from the indicators is pointing towards the possibility of fresh breakout in the near future. We advocate buying this stock in the given range.
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Buy Hindustan Unilever Limited
Last Close: Rs 2,058.35
Initiation range: Rs 2,050-Rs 2,055
Target: Rs 2,150
Stop loss: Rs 2,010
We’re seeing a mixed trend on the FMCG front and HINDUNILVR has been witnessing consolidation amid volatility. It has retraced marginally from its record high and tested the support zone of 100EMA around 2020 of late. All indications are in favor of a swift rebound thus we advise creating fresh longs in the given range.
Buy L&T Finance Holdings Limited
Last Close: Rs 102.85
Initiation range: Rs 102-104
Target: Rs 112
Stop loss: Rs 99
L&TFH has taken a pause after breakout from a bullish reversal (Inverted Head and Shoulder) pattern on the daily chart, offering fresh buying opportunity for those who missed the chance earlier. We advise initiating fresh longs as per the mentioned levels.
Sell December Futures of NTPC Limited
Last Close: Rs 117.60
Initiation range: Rs 118-120
Target: Rs 110
Stop loss: Rs 122
NTPC has been struggling below the resistance zone of moving averages ribbon on multiple time frames. Though it has had witnessed marginal bounce in between but in vain and gradually drifting lower. It has formed a fresh shorting pivot now and likely to see fresh decline ahead. We thus suggest traders to initiate fresh shorts within the mentioned zone.
Disclaimer: http://www.religareonline.com/disclaimer
Disclaimer: The analyst may have positions in one or all of the above mentioned stocks
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