Top trading ideas by Religare Broking:
Colgate Palmolive (India) Limited
Rec: BUY
Last Close: 1144.95
Initiation range: 1135-1145
Target: 1210
Stop loss: 1115
COLPAL has been consolidation in a narrow range while holding above the support zone of 100 EMA on the weekly chart. Today i.e. on Aug 7, it has rebounded swiftly and likely to see a fresh surge in near future. We advise initiating fresh long positions in the given range.
Petronet LNG Limited
Rec: BUY
Last Close: 230.30
Initiation range: 227-230
Target: 245
Stop loss: 222
PETRONET has witnessed fresh breakout of late, after nearly eight months of long corrective phase. Technically, it has also surpassed the resistance zone of multiple moving averages (200/100/50 EMA) on the daily chart. Traders should gradually accumulate fresh longs in the mentioned range.
Oil & Natural Gas Corporation Limited
Rec: SELL AUGUST FUTS
Last Close: 167.55
Initiation range: 168-170
Target: 156
Stop loss: 175
ONGC has witnessed the marginal recovery of late but the existence of multiple hurdles around 170 level combined with overall chart formation is pointing towards the possibility of a decline in near future. We advise creating fresh shorts in the given range.
Tata Chemicals Limited
Rec: SELL AUGUST FUTS
Last Close: 671.85
Initiation range: 675-680
Target: 640
Stop loss: 692
Tata Chemicals has been trading in a broader consolidation range 655-785 for last eight months and likely to witness breakdown from the same in near future. Traders should use any bounce in the given range to go short.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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