Weekly stock recommendations by Ajit Mishra: Buy MGL, The Ramco Cements

MGL witnessed a fresh breakout from the consolidation range on June 15 and made new record highs as well

Cholamandalam Investment and Finance Company 
 

Recommendation: Buy 

Last Close: Rs 568.50

Initiation range: Rs 565-570

Target: Rs 620

Stop loss: Rs 545
 

Cholamandalam Investment and Finance has been consolidating within Rs 500-600 zone for the last three months. It is currently trading closer to the upper band of the range while holding firmly above the support zone of the short-term moving average (50 EMA). Indications are in the favor of a breakout soon, so we advise utilising the prevailing phase to initiate fresh positions.  
 

Mahanagar Gas Limited
 

Recommendation: Buy 

Last Close: Rs 1,265.80

Initiation range: Rs 1,250-1,260

Target: Rs 1,350

Stop loss: Rs 1,210
 

MGL witnessed a fresh