 "We’re seeing consolidation in the pharma majors and Lupin is trading in line with the trend, says Mishra")
ICICI Prudential Life Insurance Company Limited
Recommendation: Buy
Last Close: 490.75
Initiation range: 485-490
Target: 540
Stop loss:470
ICICI Prudential has been witnessing correction for the last one month, after testing the record highs. It retraced to the support zone of the medium-term moving average (100 EMA)on the daily chart and formed a base. It looks upbeat to resume the trend now so traders can initiate fresh longs in the mentioned zone.
Lupin Limited
Recommendation: Buy
Last Close: 1096.80
Initiation range: 1080-1090
Target: 1150
Stop loss: 1050
We’re seeing consolidation in the pharma majors and Lupin is trading in line with the trend. It has formed a fresh buying pivot on the daily chart, after hovering in a range of 980-1115 levels. The chart formation and positioning of the confirmation indicators are pointing towards a strong up move ahead.
LIC Housing Finance Limited
Recommendation: Buy
Last Close: 469.80
Initiation range: 470-474
Target: 520
Stop loss: 450
LIC Housing Finance has witnessed a fresh breakout of late, after spending nearly a month in a consolidation range. Besides, it has also surpassed the hurdle of the declining trendline on the weekly chart. All indications are in the favor of prevailing momentum to continue. Traders should not miss this opportunity and accumulate in the mentioned range.
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Note: All prices are in Rs
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
