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Top technical calls by Religare Broking for today: Buy Tech Mahindra

Top trading ideas by Religare Broking for today

Religare Broking  |  Mumbai 

stocks, markets

Top by for today:

Tech Mahindra

Rec: BUY

Last Close: Rs 763.90

Initiation range: Rs 755-760

Target: Rs 800

Stop loss: Rs 720

is one of the strongest counters in IT space and it’s trading closer to its record high. It has recently witnessed a breakout from a prolonged consolidation phase of late and looks upbeat for fresh up move. Traders are advised to initiate fresh long positions in the given range.

and Special Economic Zone

Rec: SELL FUTURES

Last Close: Rs 375.70

Initiation range: Rs 378-382

Target: Rs 366

Stop loss: Rs 384

has been consolidating in a broader range for last seven months, after making a record high in January 2018. Currently, it’s trading in the middle of the range and formed a fresh shorting pivot. We advise traders to use any technical bounce to go short in the given range.

Oil & Natural Gas Corporation

Rec: SELL FUTURES

Last Close: Rs 174.05

Initiation range: Rs 176-178

Target: Rs 164

Stop loss: Rs 182

After retesting its monthly support zone around 150, has witnessed a decent recovery in the last two months but failed to cross the major resistance around 180, resulting in the formation of a fresh shorting pivot. We advise creating fresh shorts in the given range.

Rec: SELL FUTURES

Last Close: Rs 1,298.25

Initiation range: Rs 1,310-1,320

Target: Rs 1,220

Stop loss: 1,360

has been struggling around the resistance zone of multiple moving averages for last three weeks or so and now trading on the verge of a fresh breakdown. We advise using any uptick to create fresh shorts in the given range.

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

http://www.religareonline.com/research/Disclaimer/

First Published: Wed, September 05 2018. 06:34 IST
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