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Top stock calls by Religare Broking: Buy Engineers India, Power Grid Corp

Here are the weekly stock recommendations by Religare Broking.

Religare Broking  |  Mumbai 

Trading calls by Religare Broking
Trading calls by Religare Broking

Britannia Industries

Recommendation: Buy July Futures

Last Close: Rs 2787.80

Initiation range: Rs 2775-2780

Target: Rs 2875

Stop loss: Rs 2730

The share has retraced considerably from its record high and has found support around the medium term moving average (100 EMA) on the weekly chart. After spending nearly a week around that zone, it looks all set for a rebound. We advise accumulating fresh longs in the mentioned zone.

Engineers India

Recommendation: Buy

Last Close: Rs 120.45

Initiation range: Rs 119-122

Target: Rs 132

Stop loss: Rs 116

After a decent correction from the record high, the scrip has been consolidating in a zone for roughly a year on the weekly chart. It has now reached closer to the upper band of the range and is likely to witness breakout from the same in near future. Traders can accumulate within the given range.

Power Grid Corporation of India

Recommendation: Buy

Last Close: Rs 207.35

Initiation range: Rs 205-206

Target: Rs 220

Stop loss: Rs 200

Power Grid has retraced marginally of late, after making a new record high, offering fresh buying opportunity. The chart pattern and positioning of indicators are also pointing towards a steady rise ahead. Traders should utilise any dip to create fresh longs as per the given levels.

Ambuja Cements

Recommendation- Sell July Futures

Last Close: Rs 215.70

Initiation range: Rs 217-219

Target: Rs 208

Stop loss: Rs 222

Mostly cement counters are struggling these days and this stock is no different. After a marginal bounce of late, it failed to surpass the resistance hurdle of multiple moving averages i.e. (200, 100 & 50 EMA) on the daily chart and drifted lower. All indications are in the favour of a gradual decline ahead. We thus advise traders to create fresh shorts position as per the levels.

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

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First Published: Wed, July 03 2019. 07:34 IST
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