Buy and sell calls by Religare Securities for Tuesday's trade

Buy Colgate Palmolive, sell Bank of India, Bajaj Auto, says Religare Securities

Few trading ideas by Religare Securities for Tuesday's trade:

Colgate Palmolive (India) Limited (COLPAL) 

Rec: BUY 

Last Close: Rs 1080.45

Initiation range: Rs 1060-1070

Target: Rs 1120

Stoploss: Rs 1040

COLPAL has retraced marginal from its record high and found support near to medium term moving average on daily chart. Also, it has formed a fresh buying pivot and looks all set for fresh surge ahead. Traders are advised to initiate fresh longs in the given range.

Bank of India (BANKINDIA) 

Rec: SELL AUG FUTS

Last Close: Rs 138.90

Initiation range: Rs 142-144

Target: Rs 126

Stop loss: Rs 150

In line with other PSU banking counters, BANKINDIA has been trading under pressure and likely to witness fresh breakdown. Any technical bounce in the given range should be considered as fresh shorting opportunity.

Bajaj Auto Limited (BAJAJ-AUTO) 

Rec: SELL AUG FUTS

Last Close: Rs 2770

Initiation range: Rs 2790-2800

Target: Rs 2700

Stop loss: Rs 2860

BAJAJ-AUTO has witnessed a fresh breakdown after nearly a month long distribution phase and likely to witness sharp plunge ahead. We suggest using any bounce in the given range to initiate fresh shorts.

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