Initiation range: 304-307
Tata Chem made an equally sharp reversal after the vertical decline in March 2020 and has made a new record high at 345.90 in August month. After the month-long corrective phase, it's currently holding above the support zone of multiple moving averages on the daily chart around 300 and is likely to resume the uptrend in near future.Traders can create fresh longs in the mentioned zone.
2. SBI Cards and Payment Services Limited
Initiation range: 850-855
SBI Cards has been trading in a range of 800-865 for the last two months, after the strong recovery from the record low of 495. It has again reached closer to the upper band of the range and indications are in the favor of breakout soon. Traders shouldn't miss this opportunity and accumulate in the given range.
Recommendation: Sell October Futures
Initiation range: 74.5-75.5
In line with the recovery in the benchmark, the auto pack performed exceptionally well in the last seven months. However, indications are now in the favor of some profit-taking ahead and Ashok Leyland, after testing the major hurdle of the long moving average(200 EMA) on the weekly chart is inching lower. The chart pattern shows the possibility of gradual decline. We suggest using any intraday bounce to go short in the mentioned range.
4. Piramal Enterprises Limited
Recommendation: Sell October Futures
Initiation range: 1290-1300
Piramal Enterprises has been trading with a corrective bias for the last two months as it failed to surpass the major hurdle around 1550. It has witnessed a fresh breakdown from a congestion zone today i.e. October 13 and likely to inch gradually lower from hereon. We advise creating fresh shorts in the given zone.
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Note: All prices are in Rs.
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
 "SBI Cards has been trading in a range of 800-865 for the last two months, after the strong recovery from the record low of 495")