 "The stock of Reliance Industries witnessed a breakout on January 19 | Photo: Shutterstock")
Lupin Limited
Recommendation: Buy
Last Close: 1,089.20
Initiation range: 1,070-1,080
Target: 1,160
Stop loss:1,030
We're seeing consistent buying interest in the pharma pack and Lupin is also catching up with the other pharma majors. It has witnessed a decent recovery in the last two months after forming a strong base on the weekly chart around the 880 zone. It's currently trading around the previous swing high and is likely to surpass this hurdle soon. Traders can create fresh longs in the given range.
Reliance Industries Limited
Recommendation: Buy
Last Close: 2,016.40
Initiation range: 2,000-2,010
Target: 2,190
Stop loss: 1,910
Reliance has witnessed a breakout after spending nearly two months in a consolidation range. It formed a strong base while holding strongly above the support zone of the long term moving average (200 EMA) on the daily chart. The overall chart pattern, combined with its positioning on multiple timeframes, indicate a steady upmove from hereon. Traders shouldn't miss this opportunity and accumulate in the mentioned zone.
RadicoKhaitan Limited
Recommendation: Buy
Last Close: 517.55
Initiation range: 510-520
Target: 575
Stop loss: 485
Radico has gained noticeable traction in the last ten months and has doubled the investors' money in such a short period. Importantly, it's currently trading closer to its record high and has also ended the 2-year long consolidation phase of late. All indications are in favour of the prevailing buoyancy to continue. We thus suggest creating fresh longs in the given range.
=========================
Note: All prices are in Rs
Note: All prices are in Rs
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
