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Biocon Limited
Recommendation: Buy
Last Close: 408.45
Initiation range: 404-407
Target: 425
Stop loss: 396
Biocon has been consolidating in a range for the last two months, after a sharp decline from its record high. The recent price action indicates that bears have lost the steam and the stock is set for a rebound. The favorable indication from the pharma index is added positive. Traders can consider fresh long positions in the mentioned zone.
The Ramco Cements Limited
Recommendation: Buy
Last Close: 985.70
Initiation range: 970-980
Target: 1,050
Stop loss: 940
The cement stocks have been showing tremendous resilience amid volatility across the board and mostly are trading closer to their record highs. Among the counters, Ramco cement has rebounded after testing the support zone of short-term moving average(50 EMA) on the daily chart and formed a fresh buying pivot.
TVS Motor Company Limited
Recommendation: Buy
Last Close: 575.20
Initiation range: 560-570
Target: 610
Stop loss: 550
Most auto stocks are seeing correction and TVS Motors is no different. It has witnessed decent profit-taking in the last one and a half months and currently hovering in a range. The existence of the support zone around 550 levels combined with the possibility of rebound from the auto index is pointing towards a steady rebound ahead.
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Note: All prices are in Rs
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
