 "Weekly stock picks by Religare Broking: Buy Infosys, Voltas, Cipla, L&TFH")
Infosys Limited
Recommendation: Buy
Last Close: Rs 797.65
Initiation range: Rs 790-795
Target: Rs 825
Stop loss: Rs 778
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Infosys has been gradually rebounding for the past three months or so, after a sharp decline from its record high. It has not only filled the downward gap on the daily chart but has also sustained above that zone which indicates that the bulls are back in control. The IT index has recently formed a new record high, adding to the buoyancy. We thus suggest initiating fresh longs as per the recommended levels.
Voltas Limited
Recommendation: Buy
Last Close: Rs 697.10
Initiation range: Rs 690-695
Target: Rs 725
Stop loss: Rs 677
Voltas has retraced marginally of late, after retesting its record high and tested the support zone of 100-exponential moving average (EMA) on the daily chart. It looks all set for a surge post-consolidation around that zone for three weeks. The overall chart pattern and positioning of the indicators have further strengthened the buying signal. We advocate accumulating in the mentioned zone.
L&T Finance Holdings Limited
Recommendation: Buy
Last Close: Rs 122.30
Initiation range: Rs 121-123
Target: Rs 132
Stop loss: Rs 118
L&TFH has been trading in a broadening formation(which usually acts as a continuous pattern) after a sharp recovery from the monthly support zone around 80 levels. It’s currently trading in the middle of the range and hovering closer to the support zone of multiple moving averages on the daily chart. Indications are in the favor of steady recovery thus we advise initiating fresh longs in the given range.
Cipla Limited
Recommendation- Sell February Futures
Last Close: Rs 437.35
Initiation range: Rs 437-440
Target: Rs 415
Stop loss: Rs 450
We’re seeing a mixed trend in pharma space and Cipla is trading with a negative bias. It has made multiple attempts to surpass the resistance zone of 200 EMA on the daily chart but in vain. Further, in continuation of the prevailing downtrend, it has witnessed a fresh breakdown of late from a consolidation range. Traders are advised to create fresh shorts in the mentioned zone.
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