Three stock picks by Ajit Mishra of Religare Broking to bet on

We're seeing recovery in the energy pack and oil marketing companies (OMCs) are also trading in sync with the move. Among these, IOC looks set to move higher

Emami Limited

Recommendation: Buy

Last Close: 590.15

Initiation range: 585-590

Target: 630

Stop loss: 570

The FMCG index has resumed the uptrend after consolidating for nearly one and a half months. Among the stocks, Emami has witnessed a fresh breakout from a consolidation range of 530-580 level today i.e. August 17 with a noticeable surge in volumes. We advise initiating fresh longs in the mentioned zone.

Indian Oil Corporation Limited

Recommendation: Buy

Last Close: 105.70

Initiation range: 105.5-106.5

Target: 112

Stop loss: 103

We’re seeing recovery in the energy pack and oil marketing companies (OMCs) are also trading in sync with the move. Among the OMC counters, IOC looks set to resume the uptrend after forming a base above the support zone of medium-term moving average (100 EMA) on the daily chart. We thus recommend creating fresh longs in the mentioned zone.

Bandhan Bank Limited

Recommendation: Sell Aug Futures

Last Close: 294.05

Initiation range: 297-300

Target: 282

Stop loss: 306

Bandhan Bank has been witnessing selling pressure on every rise, continuing its prevailing downtrend. It is currently trading below the resistance zone of moving averages ribbon on the daily chart and is likely to see a gradual decline ahead. Traders can utilize any uptick to create fresh shorts in the given range.

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Note: All prices are in Rs

Disclaimer: Ajit Mishra is VP - Research at Religare Broking.

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