Technical calls by Religare Broking: Buy SBI and Century Textiles

Here are the top trading ideas by Religare Broking.

State Bank of India

Recommendation: Buy

Last Close: Rs 314.65

Initiation range: Rs 309-313

Target: Rs 330

Stop loss: Rs 302

Unlike other PSU bank majors, State Bank of India (SBI) has been trading strong while holding firmly above the support zone of major moving averages. It has recently tested crucial support zone around Rs 290 and rebounded sharply thereafter. The chart pattern combined with positioning of oscillators is pointing towards strong up move in near future. We advise initiating fresh longs in the given range.

Century Textiles and Industries

Recommendation: Buy

Last Close: Rs 907.15

Initiation range: Rs 900-905

Target: Rs 950

Stop loss: Rs 880

Century Textiles, after a strong surge, has been consolidating in a range for last two months while forming a strong base around the support zone of multiple moving averages i.e. (200/100/50) EMA on daily chart. Indications are in favour of fresh up move ahead. We advise accumulating in the given range.

Strides Pharma Science

Recommendation: Sell May Futures

Last Close: Rs 439.95

Initiation range: Rs 445-450

Target: Rs 410

Stop loss: Rs 465

In line with other pharma counters, Strides Pharma Science has also witnessed sharp decline of late and looks weak overall. Besides, it’s trading on the verge of breakdown from a consolidation pattern. We recommend using any bounce to create fresh shorts in the given range.

ICICI Bank

Recommendation- Sell May Futures

Last Close: Rs 383.40

Initiation range: Rs 382-386

Target: Rs 360

Stop loss: Rs 394

Most private bank majors are seeing decline and ICICI Bank is no different. It has recently witnessed breakdown from a consolidation range, after spending nearly one and half month. The chart pattern and positioning of indicators are signalling further fall ahead. We advise initiating fresh shorts position as per the mentioned levels.

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