1. Indian Oil Corporation Limited
Last Close: Rs 158.05
Initiation range: Rs 155-157
Target: Rs 165
Stop loss: Rs 153
IOC has been gradually inching higher for the last two months, after retesting its monthly support zone. Currently, it’s trading well above the support zone of long term averages on the daily chart and has formed a fresh buying pivot. Its current chart pattern combined with positioning of indicators is adding to the confirmation. We advise initiating fresh longs in the given range.
2. Housing Development Finance Corporation Limited
Last Close: Rs 1,995.05
Initiation range: Rs 1,980-1990
Target: Rs 2,080
Stop loss: Rs 1,940
After making a record high, HDFC has witnessed marginal profit taking and consolidating around the support zone of 100 EMA on the daily chart. It looks all set for a fresh rebound now. Traders shouldn’t miss this opportunity and accumulate in the given range.
3. Lupin Limited
Last Close: Rs 872.05
Initiation range: Rs 860-865
Target: Rs 910
Stop loss: Rs 840
After retesting the crucial support zone of monthly trend line, LUPIN has witnessed a sharp recovery of late and surpassed the hurdle of long term moving average (200 EMA) on the daily chart. All indications are in the favour of the rebound to continue. We advise traders to initiate fresh long positions as per the mentioned levels.
4. CEAT Limited
Recommendation- Sell May Futures
Last Close: Rs 1,046
Initiation range: Rs 1,055-1,065
Target: Rs 985
Stop loss: Rs 1,090
Most tyres stocks are trading under pressure and CEATLTD is no different. The several attempts it made to surpass the hurdle of multiple moving averages on daily chart all went in vain. Currently, it’s trading on the verge of fresh breakdown. We suggest traders to use any bounce to go short in the given range.
Disclaimer: The brokerage may have positions in any or all the stocks mentioned above.