Buy INDUSIND BANK LIMITED
Last Close: Rs 1,516
Initiation range: Rs 1,510-1,515
Target: Rs 1,550
Stop loss: Rs 1,495
In the banking space, private banking majors are leading from the front and still looking buoyant. Indusind Bank has witnessed a fresh breakout from a consolidation range on December 24 and is likely to see fresh surge ahead. We advise creating fresh longs in the given range.
BuyICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
Last Close: Rs 500.05
Initiation range: Rs 495-500
Target: Rs 524
Stop loss: Rs 488
ICICIPRULI has retraced marginally of late from its record high and found support around the 50-day EMA on the daily chart. After hovering in a narrow range for nearly two weeks around that zone, it’s now all set to resume the uptrend. We advise initiating fresh longs within the given range.
Sell January Futures ofLIC HOUSING FINANCE LIMITED
Last Close: Rs 426.50
Initiation range: Rs 430-435
Target: Rs 410
Stop loss: Rs 442
LICHSGFIN has been trading in a corrective phase for the last two years and currently trading below the resistance zone of major moving averages(100 and 200 EMA) on multiple time frames. The recent rebound is offering a fresh shorting opportunity to those who had missed the chance earlier. We advise initiating fresh shorts in the mentioned zone.
Sell January Futures of RBL BANK LIMITED
Last Close: Rs 332.50
Initiation range: Rs 334-337
Target: Rs 320
Stop loss: Rs 342
Though the majority of private banking counters are performing exceptionally well, RBL Bank is currently trading against the trend and reeling under pressure. It has failed to cross the resistance hurdle of 100 EMA on the daily chart of late and gradually drifting lower. Indications are in the favor of sharp decline ahead. Traders can consider fresh shorts in the given range.