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Buy Bharti Airtel Limited
Last Close: Rs 546.25
Initiation range: Rs 540-545
Target: Rs 570
Stop loss: Rs 530
Bharti Airtel has been witnessing correction for the last three months or so, after making a record high at 609.55 in May 2020. It retraced closer to the support zone of the long-term moving average (200 EMA) on the daily chart and spent nearly a week around that zone. Finally, it has witnessed a sharp surge in Tuesday's (September 1) trade with noticeable rise in the volume and also surpassed the hurdle around 540 levels. We advise utilizing any dip in the given range to create fresh longs.
Buy Godrej Consumer Products Limited
Last Close: Rs 658.20
Initiation range: Rs 655-660
Target: Rs 690
Stop loss: Rs 645
We’re seeing a mixed trend within the FMCG space and Godrej Consumer is currently in a corrective phase. After it failed to cross the resistance zone of the declining trend line on the weekly chart around 715 level, it slipped further lower and tested the major support zone of 200 EMA on Tuesday. It rebounded swiftly thereafter and settled around the day’s high. Indications are in the favor of steady recovery from hereon.
Sell Oil & Natural Gas Corporation Limited
Last Close: Rs 79.35
Initiation range: Rs 80-81
Target: Rs 74
Stop loss: Rs 83.5
ONGC has been underperforming the index for the last several years as it is trading in a prolonged downtrend. In line with the others, it also witnessed a rebound from the March lows but failed to sustain above the resistance barrier of 100 EMA on the daily chart despite multiple attempts. The recent failure of one such attempt means the downtrend is likely to continue. Traders can create fresh shorts within the mentioned zone.
Sell Voltas Limited
Last Close: Rs 635
Initiation range: Rs 638-642
Target: Rs 610
Stop loss: Rs 655
Voltas has retraced marginally in the last two weeks, after retesting the resistance zone around 680 levels. The chart pattern and positioning of the indicators are pointing towards the possibility of a fresh slide ahead. We suggest using any technical bounce in the given range to create shorts.
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
http://www.religareonline.com/disclaimer
