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Weekly stock picks by Religare Broking: Buy HDFC Bk, Sell ACC Aug Futures

Here are the weekly stock recommendations by Religare Broking

Religare Broking  |  Mumbai 

Image: iSTOCK
Image: iSTOCK

HDFC Bank

Recommendation: Buy

Last Close: Rs 2,252.25

Initiation range: Rs 2,235-2,245

Target: Rs 2,340

Stop loss: Rs 2,200

In line with the others, HDFC Bank has witnessed decent correction from its record high and has tested its crucial support zone of the long term moving average (200 EMA) on the daily chart of late. Indications are in the favor of some consolidation around the current levels, followed by a steady recovery.

ACC

Recommendation: Sell Aug Futures

Last Close: Rs 1,536

Initiation range: Rs 1,545-1550

Target: Rs 1,460

Stop loss: Rs 1,600

We’re seeing a mixed trend in the cement stocks and ACC is trading on the verge of a fresh breakdown after hovering in a narrow range. The chart pattern combined with the positioning of confirmation indicators is pointing towards a sharp decline ahead. We advise traders using this chance and creating fresh shorts in the mentioned zone.

Voltas

Recommendation: Sell Aug Futures

Last Close: Rs 562

Initiation range: Rs 566-570

Target: Rs 540

Stop loss: Rs 580

VOLTAS has been witnessing profit taking for last one month, after re-testing its record high. It has recently breached the crucial support zone of 200 EMA on the daily chart and is likely to inch further lower in the near future. We advise creating fresh shorts as per the given levels.

IndusInd Bank

Recommendation- Sell Aug Futures

Last Close: Rs 1,329

Initiation range: Rs 1,340-1,350

Target: Rs 1250

Stop loss: Rs 1400

The recent decline in the banking index has dented sentiment across the board and this stock, too, is facing that heat. Yesterday, on July 30, it plunged sharply and decisively breached the crucial support zone of 200 EMA on the weekly chart. All indications are in favor of further slide ahead. We suggest using any rebound to create fresh shorts in the given range.

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

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

First Published: Wed, July 31 2019. 07:48 IST
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