 "Weekly stock picks by Religare Broking: Buy Balkrishna Industries, HUL")
Buy Balkrishna Industries Limited
Last Close: Rs 1,137.15
Initiation range: Rs 1,120-1,130
Target: Rs 1,200
Stop loss: Rs 1,090
BALKRISIND has been witnessing a steady up move for the last seven months. It’s currently hovering in a range while holding strong above the support zone of 20 EMA on the daily charts. Indications are in the favor of fresh breakout in the near future thus we advise creating fresh longs within the mentioned zone.
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Buy Hindustan Unilever Limited
Last Close: Rs 2,152.65
Initiation range: Rs 2,140-2,150
Target: Rs 2,250
Stop loss: Rs 2,100
We’re seeing a mixed trend on the FMCG front and HINDUNLVR has been outshining most of its peers. It has taken a pause around its record high after a sharp surge, providing fresh buying opportunity to those who missed earlier. All indications are in the favor of fresh breakout in the near future. We thus advise traders to use this phase and accumulate in the given range.
Sell February Futures of Sun Pharmaceutical Industries Limited
Last Close: Rs 417.30
Initiation range: Rs 420-424
Target: Rs 430
Stop loss: Rs 405
SUNPHARMA has been consolidating roughly within the 350-470 levels, after a sharp decline. It has recently tested the upper band of the same and is gradually inching lower that has resulted in the formation of a fresh shorting pivot. Traders can consider fresh shorts in the mentioned zone.
Sell February Futures of Bharat Heavy Electricals Limited
Last Close: Rs 38.55
Initiation range: Rs 39-39.50
Target: Rs 35
Stop loss: Rs 41.50
BHEL has been trading in a downtrend for the last several years and there’s no sign of reversal yet. It has witnessed a fresh breakdown from a distribution pattern of late and is gradually drifting lower. All indications are in favor of the negative trend to continue. Traders can create fresh shorts as per the recommended levels.
Disclaimer: http://www.religareonline.com/disclaimer
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