Stock picks by Ajit Mishra of Religare Broking: Buy SBI Life, Wipro

SBI Life's stock is holding strongly above the support zone of 200 EMA on the daily chart

Buy SBI Life Insurance Company Limited

Last Close: Rs 845

Initiation range: Rs 835-845

Target: Rs 900

Stop loss: Rs 815

SBI Life has been consolidating for the last one and a half months, after a strong rebound from the March lows. It’s holding strongly above the support zone of the long-term moving average (200 EMA) on the daily chart and indications are now in the favor of gradual recovery ahead. Traders should accumulate within the given range.

Buy Wipro Limited

Last Close: Rs 282.55

Initiation range: Rs 278-282 

Target: Rs 300

Stop loss: Rs 268

The IT index is not only holding strong but also inching