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Two pharma stocks that Ajit Mishra of Religare Broking is bullish on
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Bata India Limited
Recommendation: Buy
Last Close: Rs 1,376.65
Initiation range: Rs 1,370 - Rs 1,380
Target: Rs 1,490
Stop loss: Rs 1,320
Bata India has been trading in a range for the last seven months, after a sharp slide from its record high. It has made several attempts to surpass the hurdle of the long-term moving average(200 EMA) in the recent past but failed to sustain above the same however it kept forming a higher base. Indications are now in the favor of a steady up move from hereon. We thus advise initiating fresh longs within the mentioned levels.
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
Recommendation: Buy
Last Close: Rs 448.95
Initiation range: Rs 445 - Rs 448
Target: Rs 490
Stop loss: Rs 430
We’re seeing noticeable traction in life insurance counters and ICICI Prudential has also joined in the rally. It is gradually inching higher and witnessed a strong surge in today’s trade i.e. November 17. The chart pattern is pointing towards the recent momentum to continue.
Manappuram Finance Limited
Recommendation- Buy
Last Close: Rs 163.35
Initiation range: Rs 162 - Rs 164
Target: Rs 184
Stop loss: Rs 152
Manappuram has formed a strong base on the daily chart while holding above the support zone of the medium moving average(100 EMA). It looks all set for a surge, after spending three months under consolidation. Traders shouldn’t miss this opportunity and accumulate in the given range.
Maruti Suzuki India Limited
Recommendation Buy
Last Close: Rs 6,981.45
Initiation range: Rs 6,980 - Rs 6,990
Target: Rs 7,400
Stop loss: Rs 6,800
Maruti has been consolidating in a range of Rs 6,750 Rs 7,200 zone for the last two months, after retesting the previous swing high around Rs 7,400. It has recently tested the lower band of the range and rebounded sharply. We expect the stock to gain momentum, with a breakout in the auto index. We advise initiating long positions in the given range.
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Disclaimer: Ajit Mishra is VP - Research at Religare Broking
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