Weekly stock picks by Religare Broking: Buy Berger Paints, HDFC Life
Berger Paints has resumed the uptrend and is currently trading at its record high. Indications are in the favor of prevailing momentum to extend upside further
 "Weekly stock picks by Religare Broking: Buy Berger Paints, HDFC Life")
premium
Berger Paints (I) Limited
Recommendation: Buy
Last Close: Rs 605.25
Initiation range: Rs 598-603
Target: Rs 625
Stop loss: Rs 585
Also Read
Berger Paints has been maintaining a long term uptrend since 2010. After a slide from its record high in February 2020, it consolidated for nearly four months but the bias remained on the positive side. It has again resumed the uptrend and currently trading at its record high. Indications are in the favor of prevailing momentum to extend further thus we suggest accumulating in the mentioned range.
HDFC Life Insurance Company Limited
Recommendation: Buy
Last Close: Rs 582.05
Initiation range: Rs 580-584
Target: Rs 610
Stop loss: Rs 570
HDFC Life has a history of volatile swings but the volatility has subsided to some extent in recent months. It has been seeing gradual correction for the last three months after retesting the record high and tested the major support zone of the long term moving average(200 EMA) on the daily chart of late. The chart pattern combined with the positioning of indicators is pointing towards a steady rise from hereon. Traders shouldn’t miss this opportunity and go long in the given range.
Hindustan Zinc Limited
Recommendation: Buy
Last Close: Rs 221.40
Initiation range: Rs 218-220
Target: Rs 240
Stop loss: Rs 208
In line with other metal counters, Hind Zinc has rebounded sharply of late, after testing the support zone of major moving averages on the daily chart. Considering the overall buoyancy in the sector, we expect the prevailing up move to continue. We suggest using any intraday dip to create fresh longs in the given range.
Manappuram Finance Limited
Recommendation: Buy
Last Close: Rs 168.35
Initiation range: Rs 163-166
Target: Rs 185
Stop loss: Rs 155
Manappuram has witnessed a breakout from a consolidation range and currently trading around the neckline area of the pattern, offering the opportunity to those who missed the chance earlier. The chart pattern and existence of multiple supportsaround 155 zone are adding to the possibility of a strong surge ahead.
===============================
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%