Weekly stock picks by Religare Broking: Buy IndusInd Bank, ICICI Pru Life

Buy INDUSIND BANK LIMITED

Last Close: Rs 1,516
 

Initiation range: Rs 1,510-1,515

Target: Rs 1,550
 

Stop loss: Rs 1,495
 

In the banking space, private banking majors are leading from the front and still looking buoyant. Indusind Bank has witnessed a fresh breakout from a consolidation range on December 24 and is likely to see fresh surge ahead. We advise creating fresh longs in the given range.
 

Buy ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Last Close: Rs 500.05

Initiation range: Rs 495-500

Target: Rs 524

Stop loss: Rs 488

ICICIPRULI has retraced marginally of late from its record high and found support around the 50-day EMA on the daily chart. After hovering in a narrow range for nearly two weeks around that zone, it’s now all set to resume the uptrend. We advise initiating fresh longs within the given range. 

Sell January Futures of LIC HOUSING FINANCE LIMITED

Last Close: Rs 426.50 

Initiation range: Rs 430-435

Target: Rs 410

Stop loss: Rs 442

LICHSGFIN has been trading in a corrective phase for the last two years and currently trading below the resistance zone of major moving averages(100 and 200 EMA) on multiple time frames. The recent rebound is offering a fresh shorting opportunity to those who had missed the chance earlier. We advise initiating fresh shorts in the mentioned zone.

Sell January Futures of RBL BANK LIMITED

Last Close: Rs 332.50 

Initiation range: Rs 334-337

Target: Rs 320

Stop loss: Rs 342
 

Though the majority of private banking counters are performing exceptionally well, RBL Bank is currently trading against the trend and reeling under pressure. It has failed to cross the resistance hurdle of 100 EMA on the daily chart of late and gradually drifting lower. Indications are in the favor of sharp decline ahead. Traders can consider fresh shorts in the given range.

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