Initiation range: 416-420
We’re seeing select FMCG counters doing well despite the prevailing volatility across the board. Among the stocks, Marico is trading in a range around its record high and currently hovering around the upper band of the same. Indications are in the favor of a breakout in near future. Traders can consider fresh buying in the mentioned zone.
Hindustan Petroleum Corporation Limited
Initiation range: 228-230
Hind Petro has been witnessing profit-taking in line with other OMCs and now reached its major support zone of long-term moving average(200 EMA) on the daily chart. We expect marginal consolidation around the current levels, followed by a rebound. We thus suggest utilizing this phase to accumulate the stock in the given range.
ICICI Lombard General Insurance Company Limited
Recommendation: Sell April Futures
Initiation range: 1385-1400
ICICI Lombard General Insurance (ICICIGI) has witnessed a fresh breakdown on April 13, after hovering in a range for nearly 2 months. Besides, it has also slipped below the major support zone of long-term moving average (200 EMA) on the daily chart. We recommend creating short positions in the mentioned zone.
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Note: All prices are in rupees
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
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