 "Weekly stock picks by Religare Broking: Buy HDFC Bk, Sell ACC Aug Futures")
HDFC Bank
Recommendation: Buy
Last Close: Rs 2,252.25
Initiation range: Rs 2,235-2,245
Target: Rs 2,340
Stop loss: Rs 2,200
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In line with the others, HDFC Bank has witnessed decent correction from its record high and has tested its crucial support zone of the long term moving average (200 EMA) on the daily chart of late. Indications are in the favor of some consolidation around the current levels, followed by a steady recovery.
ACC
Recommendation: Sell Aug Futures
Last Close: Rs 1,536
Initiation range: Rs 1,545-1550
Target: Rs 1,460
Stop loss: Rs 1,600
We’re seeing a mixed trend in the cement stocks and ACC is trading on the verge of a fresh breakdown after hovering in a narrow range. The chart pattern combined with the positioning of confirmation indicators is pointing towards a sharp decline ahead. We advise traders using this chance and creating fresh shorts in the mentioned zone.
Voltas
Recommendation: Sell Aug Futures
Last Close: Rs 562
Initiation range: Rs 566-570
Target: Rs 540
Stop loss: Rs 580
VOLTAS has been witnessing profit taking for last one month, after re-testing its record high. It has recently breached the crucial support zone of 200 EMA on the daily chart and is likely to inch further lower in the near future. We advise creating fresh shorts as per the given levels.
IndusInd Bank
Recommendation- Sell Aug Futures
Last Close: Rs 1,329
Initiation range: Rs 1,340-1,350
Target: Rs 1250
Stop loss: Rs 1400
The recent decline in the banking index has dented sentiment across the board and this stock, too, is facing that heat. Yesterday, on July 30, it plunged sharply and decisively breached the crucial support zone of 200 EMA on the weekly chart. All indications are in favor of further slide ahead. We suggest using any rebound to create fresh shorts in the given range.
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Disclaimer: The analyst may have positions in one or all of the above mentioned stocks
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Disclaimer: The analyst may have positions in one or all of the above mentioned stocks
Disclaimer: http://www.religareonline.com/disclaimer
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