Initiation range: Rs 184-187
BEL witnessed a breakout from a narrow congestion band of Rs 180-186 levels on July 28 after nearly a month. It’s currently trading at its record high and looks firm to continue the prevailing trend. We thus suggest traders to create fresh longs as per the given range.
Initiation range: Rs 560-565
Bharti Airtel has been trading in the consolidation range for the last two months after retesting the major support zone around Rs 520 levels. It rebounded sharply on July 28, with a noticeable surge in volume and is likely to resume the uptrend this time. The chart pattern combined with the positioning of the indicators is further adding to the confirmation. Traders shouldn’t miss this opportunity and accumulate in the mentioned zone.
Zee Entertainment Enterprises Limited
Recommendation: Sell Aug Futures
Initiation range: Rs 203-206
Among the media counters, Zee has been underperforming for the last several years and there’s no sign of a reversal yet. While it witnessed a decent recovery from March 2020 low but has failed to cross the resistance barrier around Rs 235 levels despite multiple attempts. It is currently trading on the verge of trendline breakdown which may result in sharp decline in the near future. We thus suggest traders to initiate fresh short positions as per the given levels.
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Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
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