Trading calls by Ajit Mishra of Religare Broking: Buy HDFC Bank, M&M

Buy HDFC Bank Limited

Last Close: Rs 1,476.70

Initiation range: Rs 1,460-1,470

Target: Rs 1,550

Stop loss: Rs 1,430

Rationale: Banking has started seeing traction for the last couple of sessions and private banking majors are leading from the front. Among the top counters, HDFC Bank has also rebounded sharply and surpassed the resistance zone of moving averages ribbon on the daily chart. Indications are in the favor of prevailing momentum to continue. Thus, we advise creating fresh longs in the mentioned zone.

Buy Mahindra & Mahindra Limited

Last Close: Rs 797.70

Initiation range: Rs 780-790

Target: Rs 850

Stop