Weekly stock picks by Religare Broking: Buy Havells, Colgate Palmolive

Here are the weekly stock recommendations by Religare Broking

Buy Havells India Limited (Initiation range: Rs 642- Rs 646)

Last Close: Rs 646.85 
 

Target: Rs 675

Stop loss: Rs 630

Havells has retraced considerably from its record high in last one month and reached closer to the crucial support zone of medium term moving averages (100 EMA) placed around Rs 620. Indications are in the favour of consolidation followed by recovery ahead. Traders should accumulate within in the mentioned range.

Buy Colgate Palmolive (India) Limited (Initiation range: Rs 1,185-Rs 1,190)

Last Close: Rs 1,207.25

Target: Rs 1,250
 

Stop loss: Rs 1,160
 

After a marginal correction from its record high, Colgate Palmolive has been consolidating around the support zone of multiple moving averages on the daily chart and now looks all set for a surge. The chart formation and confirmation indicators are also pointing towards the same. We advise initiating fresh longs as per the given levels.

Sell Lupin Limited's August Futures (Inititation range: Rs 757-Rs 760)

Last Close: Rs 753.60

Target: Rs 710

Stop loss: Rs 780

Most pharma counters are trading in prolong downtrend and Lupin is no different. After a marginal bounce of late, it has been struggling around the resistance zone of multiple moving averages for past one month or so and is likely to fall afresh. We advise traders not to miss this chance and create fresh shorts as per the recommended levels.

Sell DLF Limited's August Futures (Initiation range: Rs 168-Rs 170)

Last Close: Rs 168.70

Target: Rs 155

Stop loss: Rs 175
 

DLF has been trading with negative bias for more than a year now and there’s no sign of reversal. After struggling around the resistance zone of multiple moving averages on the daily chart, it has posted a fresh breakdown of late and is likely to see fresh fall ahead. Today, further, it has witnessed marginal bounce, offering fresh shorting opportunity. We advise creating fresh shorts as per the mentioned range.

---

Disclaimer: The analyst may have positions in one or all of the above mentioned stocks

Disclaimer: http://www.religareonline.com/disclaimer