Trading calls by Ajit Mishra of Religare Broking: Buy Britannia, Lupin

Britannia Industries

Recommendation: Buy

Last Close: Rs 3,650.90

Initiation range: Rs 3,635-3,645

Target: Rs 3,825

Stop loss: Rs 3,530
 

Britannia has been trading in a broader consolidation range of Rs 3,350-3,840 for the last one year and is currently hovering in the middle. After retesting the lower band in May, the stock witnessed a decent recovery and surpassed the resistance zone of moving averages ribbon on the daily chart. Its chart pattern combined with buoyancy in the FMCG space is pointing towards a steady up move ahead. 
 

Coromandel International

Recommendation:Buy

Last Close: Rs 917.55

Initiation range: Rs 905-915

Target: Rs 990

Stop loss: Rs 870
 

We’re seeing a noticeable buying interest in agri-related stocks and Coromandel International is trading in line with the trend. It has been gradually inching higher after the breakout from a consolidation range for the last two weeks now. Indications are in the favour of the prevailing up move to continue. Traders can consider initiating fresh longs in the given range.
 

Lupin

Recommendation: Buy

Last Close: Rs 1,158.95

Initiation range: Rs 1,145-1155

Target: Rs 1,220

Stop loss: Rs1,120
 

We’re seeing a mixed trend within the pharma space and Lupin has retraced closer to its critical support zone after two weeks of profit-taking. It may hover in a range for a day or two before setting the pivot for recovery. We thus recommend utilising this phase to create fresh longs in the mentioned zone.

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Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
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