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

Here are the weekly stock recommendations by Religare Broking

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