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Weekly stock picks by Religare Broking: Buy HPCL, Power Finance Corporation

Here are the weekly stock recommendations by Religare Broking

Religare Broking  |  Mumbai 

Trading Strategy

Buy Hindustan Petroleum Corporation Limited

Last Close: Rs 290.20

Initiation range: Rs 288-290

Target: Rs 305

Stop loss: Rs 282

HINDPETRO has been witnessing profit taking for the last three weeks after retesting the resistance zone around 325 levels. It’s currently hovering above the support zone of 100 EMA on the daily chart and is forming a fresh buying pivot. Indications from the energy index are also favorable. We thus advise accumulating fresh longs in the mentioned zone.

Buy Power Finance Corporation Limited

Last Close: Rs 118.45

Initiation range: Rs 117-119

Target: Rs 130

Stop loss: Rs 113

PFC has witnessed a fresh breakout from a flag pattern (which indicates pause) after a vertical move and is likely to inch gradually higher from hereon. Existence of major support of multiple moving averages combined with considerable rise in the volume on the breakout day is adding to the positivity. We advise initiating fresh longs as per the given levels.

Buy TVS Motor Company Limited

Last Close: Rs 447.85

Initiation range: Rs 444-448

Target: Rs 470

Stop loss: Rs 438

TVSMOTOR has been rebounding for the last four months, after a sharp correction from its record high. After a marginal dip, it’s currently consolidating in a narrow range while hovering around the support zone of 200 EMA on the daily chart and is likely to witness fresh surge ahead. We, thus, suggest initiating fresh longs in the given zone.

Sell November Futures of ACC Limited

Last Close: Rs 1,492

Initiation range: Rs 1,503-1,510

Target: Rs 1,430

Stop loss: Rs 1,540

ACC has been struggling around the resistance zone of multiple moving averages on daily chart for the past month or so. Considering its prevailing bias and existence of strong hurdle at 1,540 zone, we expect a fresh fall ahead. We advise initiating fresh shorts in the given range.

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

First Published: Wed, November 20 2019. 07:22 IST