Here are two trading ideas for Tuesday's trade by brokerage Religare Securities:
Exide Industries Limited – BUY
Last Close: Rs 224.30
Initiation range: Rs 222-224
Target: Rs 236
Stop loss:Rs 218
Exide Industries has witnessed decent profit taking from its record high and reached closer to the support zone of multiple moving averages on daily chart. Considering its chart pattern and prevailing trend, we believe it’s a healthy correction and traders should use this to accumulate fresh longs in the given range.
Hindustan Zinc -BUY
Last Close: Rs 243.60
Initiation range: Rs 241-243
Target: Rs 262
Stop loss: Rs 234
In line with recovery in metal pack, Hindustan Zinc has rebounded strongly from its support zone around 230 and looks upbeat to maintain this bias ahead as well. Any intraday dip in the given range should be used for initiating fresh longs.
SRF Limited - SELL FUTS
Last Close: Rs 1,642.90
Initiation range: Rs 1,650-1,660
Target: Rs 1,560
Stop loss: Rs 1,700
After a sharp correction from its top, SRF witnessed marginal bounce of late but failed to sustain at higher level, which result in formation of fresh shorting pivot. Any bounce in the given range can be utilised for the same.
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