Stock picks by Ajit Mishra of Religare Broking: Buy Glenmark Pharma, IGL

Glenmark Pharmaceuticals has recently witnessed a breakout with a noticeable rise in volume, after spending nearly 4 months in a consolidation range of 460-515 levels

Colgate Palmolive (India) Limited

Recommendation: Buy 

Last Close: 1,564.65

Initiation range: 1,560-1,570

Target: 1,700

Stop loss: 1,520

We're seeing a mixed trend within the FMCG pack and Colgate has been consolidating in a range while holding strongly above the support zone of short-term moving averages. All indications are in favor of a breakout soon. Traders shouldn't miss this opportunity and accumulate in the mentioned range.
 

Glenmark Pharmaceuticals Limited

Recommendation: Buy

Last Close: 530.70

Initiation range: 526-530

Target: 580

Stop loss: 505

Most pharma stocks are participating in the recent rally and Glenmark has also resumed the trend. It has recently witnessed a breakout with a noticeable rise in volume, after spending nearly 4 months in a consolidation range of 460-515 levels. We thus advise creating fresh longs in the given range.

Indraprastha Gas Limited

Recommendation: Buy

Last Close: 487.30

Initiation range: 484-487

Target: 515

Stop loss: 470

IGL has been consolidating in a narrow range for the last week, after retesting its record high. Importantly, it has been holding above the gap area on the daily chart which indicates that bulls are in control. Traders should use this phase to create fresh longs and hold for a new record high.

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Note: All prices are in rupees

Disclaimer: Ajit Mishra is VP - Research at Religare Broking

http://www.religareonline.com/disclaimer