 "Weekly stock picks by Religare Broking: Buy Bata India, CONCOR")
Buy Bata India Limited
Last Close: Rs 1,833.25
Initiation range: Rs 1,825-1,835
Target: Rs 1,940
Stop loss: Rs 1,780
BATAINDIA has witnessed a fresh breakout of late from the consolidation range where it spent nearly three months. Importantly, the price breakout was accompanied by a sharp rise in volumes, adding to the confirmation. In short, all indications are in favor of the up move to continue. We thus advise initiating fresh longs within the mentioned levels.
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Buy Container Corporation of India Limited
Last Close: Rs 571.75
Initiation range: Rs 564-568
Target: Rs 588
Stop loss: Rs 557
CONCOR has retraced considerably from its record high and reached closer to the support zone of the long-term moving average (200 EMA) on the daily chart. After spending nearly seven weeks around that zone, it looks all set for a fresh surge. We suggest traders use this chance and initiate fresh longs as per the mentioned levels.
Sell February Futures of ITC Limited
Last Close: Rs 232.50
Initiation range: Rs 234-236
Target: Rs 225
Stop loss: Rs 238
We’re seeing a mixed trend in the FMCG space and ITC has been underperforming the majority of its peers for the last several months. It’s currently trading at its 52-week low and the chart formation indicates the prevailing trend to extend further. We advise initiating fresh shorts in the mentioned zone.
Sell February Futures of Zee Entertainment Enterprises Limited
Last Close: Rs 274
Initiation range: Rs 276-278
Target: Rs 260
Stop loss: Rs 285
ZEEL has been trading in a downtrend for more than a year now and there’s still no sign of relief. It has had made multiple attempts to surpass the resistance zone of 100 EMA on the daily chart of late but in vain. It has formed a fresh shorting pivot, after one such attempt. We advise creating fresh shorts in the given range.
Disclaimer: http://www.religareonline.com/disclaimer
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