 "Weekly stock picks by Religare Broking: Buy Berger Paints, REC Limited")
Buy Berger Paints (I) Limited
Last Close: Rs 529.70
Initiation range: Rs 525-530
Target: Rs 550
Stop loss: Rs 520
BERGEPAINT has been consolidating in a range around its record high for nearly three months or so. On January 14, the stock surged strongly and made a new record high, supported with a noticeable rise in volume. The chart pattern is pointing towards the prevailing momentum to continue. We advise initiating fresh longs in the given range.
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Buy Britannia Industries Limited
Last Close: Rs 3,105.15
Initiation range: Rs 3,100-Rs 3,110
Target: Rs 3,300
Stop loss: Rs 3,000
We’re seeing a recovery in the FMCG space and most stocks are participating in the move. Britannia has witnessed a sharp rebound of late, after retesting the support zone of 100 EMA on the daily chart and is likely to carry this recovery. It has the potential to retest its record high in the near future. We suggest using this opportunity and initiating fresh longs in the given range.
Buy Petronet LNG Limited
Last Close: Rs 277.70
Initiation range: Rs 274-276
Target: Rs 285
Stop loss: Rs 270
PETRONET has been consolidating in a range for the last two months, after making a new record high. It has strongly upheld the support zone of 100 EMA during that phase and now ready to resume the uptrend again. We advise creating fresh longs within the mentioned zone.
Buy REC Limited
Last Close: Rs 142.25
Initiation range: Rs 141-Rs 143
Target: Rs 150
Stop loss: Rs 139
RECLTD has been consolidating in a narrow range while holding strongly above the support zone of multiple moving averages
on the daily chart. After spending almost two weeks around that zone, it looks all set for a surge. We advise initiating fresh longs as per the given levels.
Disclaimer: http://www.religareonline.com/disclaimer
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