Three large-cap stock ideas by Ajit Mishra of Religare Broking

We're seeing noticeable traction in the auto space and Hero Moto is also finally resuming the uptrend, Mishra said

Hero MotoCorp Limited
 

Recommendation: Buy

Last Close: Rs 2916.65

Initiation range: Rs 2900-2910

Target: Rs 3050

Stop loss: Rs 2830

We’re seeing noticeable traction in the auto space and Hero Moto is also finally resuming the uptrend. It has formed a strong base around the Rs 2,800 level while holding above the support zone of medium-term moving average (100 EMA) on the weekly chart. Traders shouldn’t miss this opportunity and create fresh longs in the mentioned zone.

Havells India Limited
 

Recommendation: Buy

Last Close: Rs 1420.25

Initiation range: Rs 1410-1420

Target: Rs 1500

Stop loss: Rs 1380

HAVELLS has formed a fresh buying pivot after retracing marginally from its record high. The prevailing uptrend and existence of trend line support around the Rs 1,380 zone have further added to the buoyancy. We thus recommend initiating fresh longs in the given range.

Power Grid Corporation of India Limited
 

Recommendation: Buy

Last Close: Rs 193.35

Initiation range: Rs 191-193

Target: Rs 205

Stop loss: Rs 187

Powergrid has recovered strongly after retesting the support zone of the neckline (breakout) area of the consolidation range. The chart pattern combined with a noticeable interest in the power space is indicating the uptrend to continue. We thus recommend creating fresh longs in the mentioned zone.

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Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
https://www.religareonline.com/disclaimer