 "Weekly stock picks by Religare Broking: Buy HPCL, Power Finance Corporation")
Buy Hindustan Petroleum Corporation Limited
Last Close: Rs 290.20
Initiation range: Rs 288-290
Target: Rs 305
Stop loss: Rs 282
HINDPETRO has been witnessing profit taking for the last three weeks after retesting the resistance zone around 325 levels. It’s currently hovering above the support zone of 100 EMA on the daily chart and is forming a fresh buying pivot. Indications from the energy index are also favorable. We thus advise accumulating fresh longs in the mentioned zone.
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Buy Power Finance Corporation Limited
Last Close: Rs 118.45
Initiation range: Rs 117-119
Target: Rs 130
Stop loss: Rs 113
PFC has witnessed a fresh breakout from a flag pattern (which indicates pause) after a vertical move and is likely to inch gradually higher from hereon. Existence of major support of multiple moving averages combined with considerable rise in the volume on the breakout day is adding to the positivity. We advise initiating fresh longs as per the given levels.
Buy TVS Motor Company Limited
Last Close: Rs 447.85
Initiation range: Rs 444-448
Target: Rs 470
Stop loss: Rs 438
TVSMOTOR has been rebounding for the last four months, after a sharp correction from its record high. After a marginal dip, it’s currently consolidating in a narrow range while hovering around the support zone of 200 EMA on the daily chart and is likely to witness fresh surge ahead. We, thus, suggest initiating fresh longs in the given zone.
Sell November Futures of ACC Limited
Last Close: Rs 1,492
Initiation range: Rs 1,503-1,510
Target: Rs 1,430
Stop loss: Rs 1,540
ACC has been struggling around the resistance zone of multiple moving averages on daily chart for the past month or so. Considering its prevailing bias and existence of strong hurdle at 1,540 zone, we expect a fresh fall ahead. We advise initiating fresh shorts in the given range.
Disclaimer: http://www.religareonline.com/disclaimer
Disclaimer: The analyst may have positions in one or all of the above mentioned stocks
Disclaimer: The analyst may have positions in one or all of the above mentioned stocks
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