Top trading ideas by Religare Broking for today:
Tech Mahindra
Rec: BUY
Last Close: Rs 763.90
Initiation range: Rs 755-760
Target: Rs 800
Stop loss: Rs 720
Tech Mahindra is one of the strongest counters in IT space and it’s trading closer to its record high. It has recently witnessed a breakout from a prolonged consolidation phase of late and looks upbeat for fresh up move. Traders are advised to initiate fresh long positions in the given range.
Adani Ports and Special Economic Zone
Rec: SELL FUTURES
Last Close: Rs 375.70
Initiation range: Rs 378-382
Target: Rs 366
Stop loss: Rs 384
Adani Ports has been consolidating in a broader range for last seven months, after making a record high in January 2018. Currently, it’s trading in the middle of the range and formed a fresh shorting pivot. We advise traders to use any technical bounce to go short in the given range.
Oil & Natural Gas Corporation
Rec: SELL FUTURES
Last Close: Rs 174.05
Initiation range: Rs 176-178
Target: Rs 164
Stop loss: Rs 182
After retesting its monthly support zone around 150, ONGC has witnessed a decent recovery in the last two months but failed to cross the major resistance around 180, resulting in the formation of a fresh shorting pivot. We advise creating fresh shorts in the given range.
Shriram Transport Finance Company
Rec: SELL FUTURES
Last Close: Rs 1,298.25
Initiation range: Rs 1,310-1,320
Target: Rs 1,220
Stop loss: 1,360
Shriram Transport Finance Company has been struggling around the resistance zone of multiple moving averages for last three weeks or so and now trading on the verge of a fresh breakdown. We advise using any uptick to create fresh shorts in the given range.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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