Ajit Mishra identifies three stocks that are ready for a fresh up move

Coromandel International, HDFC Life Insurance Company and SAIL are the stocks that the technical analyst from Religare Broking is bullish on

Coromandel International Limited

Recommendation: Buy

Last Close: Rs 827.05

Initiation range: Rs 820-830

Target: Rs 885

Stop loss: Rs 800

We're seeing noticeable traction in the fertilizer pack and Coromandel looks set to join the move now. It has been consolidating in a range while holding firmly above the support zone of long term moving average (200 EMA) and trading on the verge of a breakout. We thus recommend creating fresh longs in the mentioned zone.

HDFC Life Insurance Company Limited

Recommendation: Buy

Last Close: Rs 733.15

Initiation range: Rs 730-735

Target: Rs 765

Stop loss: Rs 718

HDFCLIFE has retraced marginally from its record and formed a basearound the neckline (breakout) area of the previous consolidation range. The chart pattern with the recent surge in the volume indicates the possibility of a rebound now. Traders shouldn’t miss this opportunity and create longs in the mentioned zone.

Steel Authority of India Limited

Recommendation: Buy

Last Close: Rs 119.35

Initiation range: Rs 119-120

Target: Rs 130

Stop loss: Rs 115

Metal stocks are again seeing traction after spending nearly a month in a consolidation range. Among the counters, Sail has formed a strong base around medium term moving average (100 EMA) on the daily chart and looks set for a gradual up move. We thus recommend creating fresh longs in the given range.

Disclaimer: Ajit Mishra is VP - Research at Religare Broking.

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