Recommendation: Buy
Last Close: Rs 438.55
Initiation range: Rs 434-438
Target: Rs 465
Stop loss: Rs 422
Birlasoft has been trading in a consolidation range of Rs 380-450 for the last five months and currently trading closer to the upper band of the range. The recent buoyancy in the IT pack is likely to trigger a breakout soon. We thus recommend creating fresh longs in the mentioned zone.
Mahindra & Mahindra Limited
Recommendation: Buy
Last Close: Rs 960.30
Initiation range: Rs 945-955
Target: Rs 1,010
Stop loss: Rs 920
We are seeing noticeable traction in the auto pack and M&M is also inching towards its record high. The chart pattern combined with the recent surge in volumes is pointing towards a steady rise ahead. Traders shouldn’t miss this opportunity and accumulate in the given range.
Hindalco Industries Limited
Recommendation: Sell Nov Futures
Last Close: Rs 445.50
Initiation range: Rs 449-453
Target: Rs 432
Stop loss: Rs 462
In line with other metal stocks, Hindalco is also drifting lower, after making a new record high at Rs 551.85 in October. It has slipped below the support zone of medium term moving average (100-EMA) on the daily chart today i.e. November 16, indicating the prevailing profit taking to continue.
Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
http://www.religareonline.com/disclaimer
 "Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis")
