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Technical calls by Religare Broking: Buy Hero MotoCorp, Marico and IGL

Here are the top trading ideas by Religare Broking.

Religare Broking  |  Mumbai 

Tata Investment Corp board approves Rs 4.5-billion share buyback

Limited

Recommendation: Buy

Last Close: Rs 2,657.20

Initiation range: Rs 2,635 - Rs 2,645

Target: Rs 2,775

Stop loss: Rs 2,580

Like other auto majors, has been underperforming for last one year. It has recently tested the monthly support zone around Rs 2,500 and rebounding gradually since then. The positive divergence between the price chart and relative strength index (RSI) oscillator is indicating possible reversal ahead. We advise initiating fresh longs in the given range.

Limited

Recommendation: Buy

Last Close: Rs 361.35

Initiation range: Rs 360-362

Target: Rs 382

Stop loss: Rs 350

has formed a fresh buying pivot of late, after hovering in a narrow range around its support zone of multiple moving averages on daily chart. The chart pattern and confirmation indicators are pointing towards possibility of fresh breakout ahead. We advise initiating fresh long positions as per the mentioned zone.

Indraprastha Gas Limited

Recommendation: Buy

Last Close: Rs 307.05

Initiation range: Rs 307-311

Target: Rs 330

Stop loss: Rs 298

Indraprastha Gas (IGL) has been gradually inching higher and heading towards its record high, after testing its crucial support zone around Rs 215. After a marginal dip, it is offering fresh buying opportunity to those who had missed that chance earlier. We advise accumulating as per the mentioned zone.

Tata Steel Limited

Recommendation: Sell May Futures

Last Close: Rs 473.40

Initiation range: Rs 477-480

Target: Rs 458

Stop loss: Rs 486

Mostly, metal counters are reeling under pressure and Tata Steel is no different. After the sharp decline, it witnessed marginal bounce but couldn’t surpass the major hurdle of 200-EMA (exponential moving average) on the weekly chart and drifted lower. Indications are in the favour of further decline in near future. We advise initiating fresh shorts as per the mentioned levels.

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

http://www.religareonline.com/disclaimer

First Published: Wed, May 22 2019. 07:24 IST
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