Weekly stock picks by Religare Broking: Buy Tech Mahindra, UltraTech Cement

UltraTech Cement has recently surpassed the hurdle of multiple moving averages on the daily chart and is likely to witness fresh momentum

Buy Tech Mahindra Limited

Last Close: Rs 777.10

Initiation range: Rs 770-775

Target: Rs 805

Stop loss: Rs 758

TECHM has been showing strength despite volatility in the market and holding strongly above the support zone of multiple moving averages. It has rebounded sharply in the last five months after re-testing its weekly support zone placed around 605 levels and still looks upbeat about maintaining this positive momentum. We advise initiating fresh longs within the given range.

Buy UltraTech Cement Limited

Last Close: 4,242.10

Initiation range: 4,220-4,230

Target: 4,410

Stop loss: 4,120

We’re seeing mixed trend within the cement space