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Buy Colgate Palmolive (India) Limited
Last close: Rs 1,602.15
Initiation range: Rs 1,590-1,600
Target: Rs 1,690
Stop loss: Rs 1,550
Colgate has been consolidating in a range for the last one and a half months, after making a new record high at 1676 in January 2021. It has formed a strong base while holding firmly above the support zone of the medium-term moving average(100 EMA) on the daily chart. Indications are in the favour of a steady up move from hereon. We, thus, suggest creating fresh longs in the mentioned zone.
Buy Tata Motors Limited
Last close: Rs 345.75
Initiation range: Rs 340-344
Target: Rs 370
Stop loss: Rs 330
We are seeing consistent buying in the auto pack and Tata Motors is trading in line with the trend. It has witnessed a fresh breakout on March 2, after consolidating in a range for a month. The chart pattern and positioning of confirmation indicators are pointing towards a strong surge ahead. Traders shouldn’t miss the opportunity and accumulate in the given range.
Buy Titan Company Limited
Last close: Rs 1,471.15
Initiation range: Rs 1,460-1,470
Target: Rs 1,550
Stop loss: Rs 1,430
Titan has retraced to the support zone of the medium-term moving average(100 EMA) on the daily chart, after retesting the record high last month. It’s a healthy correction and the stock is now ready for a rebound. We thus advise creating fresh longs in the mentioned zone.
Note: All prices are in Rs
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
