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Stock calls by Religare Broking: Buy M&M Fin Serv, Apollo Hospitals, Bata

Here are the weekly stock recommendations by Religare Broking.

Religare Broking  |  Mumbai 

SMEs, banks, foreign exchange, markets, forex, small and medium price industries,

Mahindra & Mahindra Financial Services Limited

Recommendation: Buy

Last Close: Rs 426.60

Initiation range: Rs 418-422

Target: Rs 445

Stop loss: Rs 410

M&MFIN has retraced marginally of late, after swift rebound from the support zone of long term moving averages i.e. 200-EMA (exponential moving average) on the weekly chart. Existence of strong support combined with favourable reading from the oscillators is pointing towards steady rise in near future. We advise creating fresh longs within the given range.

Enterprise Limited

Recommendation: Buy

Last Close: Rs 1,379.95

Initiation range: Rs 1,370-1380

Target: Rs 1,480

Stop loss: Rs 1,330

APOLLOHOSP has surged strongly of late, after spending nearly four months around the support zone of long-term moving averages. Currently, it has taken a pause, offering fresh buying opportunity to those who missed earlier. The chart pattern and oscillators are also indicating further up move. We advise initiating fresh longs within the given levels.

India Limited

Recommendation: Buy

Last Close: Rs 1,420.85

Initiation range: Rs 1,405-1415

Target: Rs 1,500

Stop loss: Rs 1,375

BATAINDIA had retraced marginally from its record high and consolidated within Rs 1,300 - Rs 1,400 range for nearly a month. Recently, it has posted breakout from the same with decent rise in volume and looks upbeat to maintain the positive momentum.

TVS Motor Company

Recommendation: Sell June Futures

Last Close: Rs 477.10

Initiation range: Rs 482-486

Target: Rs 460

Stop loss: Rs 494

Mostly, auto counters are struggling and TVS Motors is no different. After making a record high in January 2018, it has been continuously trading in a declining trend. Though, it had made several attempts in the past one year but couldn’t surpass the hurdle of 200-day EMA on daily chart. The current chart pattern indicates further fall in near future. We advise initiating fresh shorts on bounce as per the mentioned levels.


Disclaimer: The brokerage may have positions in any or all the stocks mentioned above.

First Published: Wed, June 12 2019. 06:46 IST