 "Weekly stock picks by Religare Broking: Buy Tech Mahindra, UltraTech Cement")
Buy Tech Mahindra Limited
Last Close: Rs 777.10
Initiation range: Rs 770-775
Target: Rs 805
Stop loss: Rs 758
TECHM has been showing strength despite volatility in the market and holding strongly above the support zone of multiple moving averages. It has rebounded sharply in the last five months after re-testing its weekly support zone placed around 605 levels and still looks upbeat about maintaining this positive momentum. We advise initiating fresh longs within the given range.
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Buy UltraTech Cement Limited
Last Close: 4,242.10
Initiation range: 4,220-4,230
Target: 4,410
Stop loss: 4,120
We’re seeing mixed trend within the cement space and ULTRACEMCO is currently trading in a range. It has recently surpassed the hurdle of multiple moving averages on the daily chart and is likely to witness fresh momentum. Its current chart formation combined with recent buoyancy in other cement stocks is further adding to the positivity. We, thus, advise creating fresh longs as per the recommended levels.
Sell January Futures of Canara Bank
Last Close: Rs 208.40
Initiation range: Rs 210-212
Target: Rs 190
Stop loss: Rs 220
The PSU banking pack has been struggling for the last several years and CANBK is no different. It has made multiple attempts to surpass the resistance zone of 200 EMA on the daily chart of late but has failed and that result in formation of fresh shorting pivot also. We thus suggest traders to initiate fresh shorts in the mentioned range.
Sell January Futures of ITC Limited
Last Close: Rs 236.80
Initiation range: Rs 237-239
Target: Rs 227
Stop loss: Rs 242
We’re seeing a mixed trend in the FMCG space and ITC has been underperforming the majority of its peers for the last several months. It’s currently trading closer to its 52-week low and likely to see a fresh breakdown in the near future. We advise initiating fresh shorts in the mentioned zone.
Disclaimer: http://www.religareonline.com/disclaimer
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