Sell August Futures of Lupin Limited (Initiation range: Rs 750-754)
Last Close: Rs 745.15
Target: Rs 715
Stop loss: Rs 770
Most pharma counters are trading in prolong downtrend and LUPIN is no different. After a marginal bounce of late, it has been struggling around the resistance zone of multiple moving averages for the past month or so and is likely to fall afresh. We advise traders not to miss this chance and create fresh shorts as per the recommended levels.
Buy Petronet LNG Limited (Initiation range: Rs 236-238)
Last Close: Rs 240.30
Target: Rs 252
Stop loss: Rs 230
Petronet has been consolidating within 228-255 zone for last four months while holding strongly above the support zone of long term moving average of 200 EMA on the daily chart. Indications are in favour further rebound in near future. We advise accumulating in the given range.
Sell August Futures of TVS Motor Company Limited (Initiation range: Rs 372-375)
Last Close: Rs 368.55
Target: Rs 354
Stop loss: Rs 383
TVS Motors plunged on. August 13 and formed a fresh shorting pivot, after its failed attempt to sustain above the resistance zone around 395. Its overall trend is negative, in line with other auto majors. We advise utilising this opportunity to create fresh shorts within the mentioned levels.
Sell August Futures of Zee Entertainment Enterprises Limited (Initiation range: Rs 332-335)
Last Close: Rs 329.25
Target: Rs 314
Stop loss: Rs 343
ZEEL has been consolidating in a range around its immediate low, taking a pause after the sharp decline. The chart pattern and positioning of confirmation indicators are indicating possibility of fresh decline in near future. We suggest using any rebound to create fresh shorts in the given range.
Disclaimer: The analyst may have positions in one or all of the above mentioned stocks