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Stock calls by Ajit Mishra of Religare Broking: Buy HDFC Life, Asian Paints

HDFC Life has been strongly maintaining an uptrend for the last one year and is currently trading closer to its record high

Topics
Stock calls | Market technicals | Markets

Ajit Mishra  |  Mumbai 

Most cement stocks are trading at their record high and Ramco Cement is no different
Most cement stocks are trading at their record high and Ramco Cement is no different

Asian Paints Limited

Recommendation: Buy

Last Close: 2,506.85

Initiation range: 2,470-2,490

Target: 2,680

Stop loss: 2,400

We’ve seen a decent correction in paint stocks from their record high and now they’re hovering in a range. Amongst all, Asian Paints has formed a fresh buying pivot while holding strongly above the support zone of the medium-term moving average (100 EMA) on the daily chart. Traders shouldn’t miss this opportunity and accumulate in the given range.

HDFC Life Insurance Company Limited

Recommendation: Buy

Last Close: 704.90

Initiation range: 698-702

Target: 738

Stop loss: 680

HDFC Life has been strongly maintaining an uptrend for the last one year and is currently trading closer to its record high. In line with the past instance, it surged strongly today on February 9, after an intermediate corrective move. All indications are in the favor of prevailing momentum to continue.

The Ramco Cements Limited

Recommendation: Buy

Last Close: 929.95

Initiation range: 910-920

Target:1040

Stop loss: 860

Most cement stocks are trading at their record high and Ramco Cement is no different. It has also witnessed a breakout from a consolidation phase, after spending nearly two years. The chart pattern combined with noticeable volumes is pointing towards a strong up move ahead. We advise accumulating in the mentioned zone.

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Note: All prices are in Rs

Disclaimer: Ajit Mishra is VP - Research at Religare Broking

http://www.religareonline.com/disclaimer

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First Published: Wed, February 10 2021. 08:27 IST
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