 "Weekly stock picks by Religare Broking: Buy Bharat Forge, IndusInd Bank")
Amara Raja Batteries Limited
Recommendation: Buy
Last Close: 733.70
Initiation range: 728-733
Target: 785
Stop loss:700
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Amara Raja has made a strong comeback after the slide in March month and has retested the previous swing high around 740 levels. Currently, it's hovering in a range and recently tested the support zone of the medium-term moving average(100 EMA) on the daily chart. Indications are in the favor of sharp rebound thus we advise creating longs in the given range.
Bharat Forge Limited
Recommendation: Buy
Last Close: 461.15
Initiation range: 456-460
Target: 488
Stop loss: 443
Bharat Forge has been correcting for the last two months after retesting the previous swing high around 525. After spending nearly a month around the support zone of 440 levels, it's set for a rebound. The positioning of oscillators on multiple time frames is adding to the confirmation.
IndusInd Bank Limited
Recommendation: Buy
Last Close: 625.25
Initiation range:620-625
Target:690
Stop loss: 590
The banking index has regained some strength of late and private banking counters are leading the pack. Among the private banking names, IndusInd Bank has been trading in a congestion zone and its chart pattern is showing the potential of a breakout in near future. We advise initiating long positions in the mentioned zone.
Jindal Steel & Power Limited
Recommendation: Buy
Last Close: 200.45
Initiation range: 199-201
Target: 218
Stop loss: 192
The metal pack has been trading largely in line with the benchmark and has been recovering strongly after testing the support zone of the long term moving average(200 EMA) on the daily chart. Among the counters, the chart pattern of Jindal Steel is indicating a possibility of a strong up move ahead. Traders shouldn't miss this opportunity and create fresh longs in the given range.
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Note: All prices are in Rs.
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
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