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Weekly stock picks by Religare Broking: Buy Bajaj Finance, Maruti Suzuki

The auto pack is largely trading in tandem with the benchmark and most stocks have recovered to their pre-Covid levels

Topics
Stock calls | Market technicals | Markets

Ajit Mishra  |  Mumbai 

We've witnessed decent traction in the financial counters of late and Bajaj Finance is now catching up with the trend
We've witnessed decent traction in the financial counters of late and Bajaj Finance is now catching up with the trend

Limited

Recommendation: Buy

Last Close: Rs 3,453.25

Initiation range: Rs 3,435-3,445

Target: Rs 3,800

Stop loss: Rs 3,250

We've witnessed decent traction in the financial counters of late and is now catching up with the trend. It has witnessed a breakout on October 27 from the corrective phase, after spending nearly two months. We advise using any dip to create fresh longs in the given range.

(India) Limited

Recommendation: Buy

Last Close: Rs 1,542.55

Initiation range: Rs 1,525-1,535

Target: Rs 1,630

Stop loss: Rs 1,480

The FMCG pack is set for a surge after the noticeable correction in the last two months. Among the counters, has ended a 6-month long consolidation phase with a significant rise in volume, which is further adding to the confirmation. Traders shouldn't miss this opportunity and accumulate fresh in the mentioned zone.

L&T Finance Holdings Limited

Recommendation: Buy

Last Close: Rs 66.55

Initiation range: Rs 65.5-66.5

Target: Rs 72

Stop loss: Rs 63

L&T Finance has been consolidating in a broader range of 55-75 for the last three months or so. It has witnessed a breakout from a bullish reversal pattern formed within this zone and likely to retest the upper band shortly.

Maruti Suzuki India Limited

Recommendation: Buy

Last Close:Rs 7,158.40

Initiation range: Rs 7,150-7,160

Target: Rs 7,450

Stop loss:Rs 7,010

The auto pack is largely trading in tandem with the benchmark and most stocks have recovered to their pre-covid levels. Among the counters, Maruti has recently witnessed a fresh breakout from a flag pattern (indicates pause) and trading on the verge of surpassing the hurdle of the previous swing high. We advise initiating long positions in the given range.

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Disclaimer: Ajit Mishra is VP - Research at Religare Broking

http://www.religareonline.com/disclaimer

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First Published: Wed, October 28 2020. 07:57 IST
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