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Buy Berger Paints (I) Limited
Last Close: Rs 735.95
Initiation range: Rs 730-735
Target: Rs 780
Stop loss: Rs 710
Rationale: Berger Paints has been consolidating for the last four months, taking a breather after a phenomenal run. It has formed a base after hovering around the support of medium-term moving average (100 EMA) on the daily chart and looks all set for a rebound now. The chart pattern and confirmation indicators are also in sync with the view. Traders shouldn’t miss the opportunity and create fresh longs in the mentioned zone.
Buy Havells India Limited
Last Close: Rs 1,029.65
Initiation range: Rs 1,020-1,025
Target: Rs 1,110
Stop loss: Rs 980
Rationale: Havells has been trading in a corrective phase, after a vertical move from 445 to a new record high at 1,231.9. It is currently trading around the support zone of medium-term moving average (100 EMA) on the daily chart and indications are in the favor of a strong surge in near future. We suggest accumulating in the given range.
Sell May Futures of Titan Company Limited
Last Close: Rs 1,443.85
Initiation range: Rs 1,450-1460
Target: Rs 1,375
Stop loss: Rs 1,490
Rationale: Titan has been seeing profit-taking, after its failed attempt to cross the resistance zone of a record high in April. It has rebounded marginally of late but couldn’t surpass the resistance zone around 1,480 and formed a fresh shorting pivot. We, thus, advise initiating short positions in the mentioned zone.
Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
