Top trading ideas by Religare Broking:
NIIT Technologies Limited
Recommendation: Buy
Last Close: Rs 1,316.55
Initiation range: Rs 1,300-1310
Target: Rs 1,380
Stop loss: Rs 1,270
IT pack is holding strong amid volatility and NIITTECH is no different. It’s trading firmly above the support zone of multiple moving averages on daily chart and trading on the verge of a fresh breakout. We advise creating fresh longs within the mentioned range.
Indraprastha Gas Limited
Recommendation- Buy
Last Close: Rs 288.25
Initiation range: Rs 283-286
Target: Rs 305
Stop loss: Rs 274
IGL, after a volatile swing, is hovering in a range while holding firmly above the support zone of multiple moving averages on daily chart. Further, its chart pattern combined with indicators is pointing towards a gradual rise in the near future. We advise initiating fresh long positions in the given range.
Torrent Pharmaceuticals Limited
Recommendation: Buy
Last Close: Rs 1,812.15
Initiation range: Rs 1,790-1,800
Target: Rs 1,880
Stop loss: Rs 1,760
TORNTPHARM is a consistent performer in pharma space irrespective to the market scenario. After making a record high at 1,934.57 in January 2019, it retraced marginally in last one month and tested the crucial support zone around 1,750-mark recently. On charts, it has formed a fresh buying pivot, supported with a decent rise in volume, indicating an end of corrective phase. We advise initiating fresh longs within the mentioned range.
Recommendation: Sell March Futures
Last Close: Rs 72.25
Initiation range: Rs 73-74
Target: Rs 68
Stop loss: Rs 76
Mostly PSU banking counters are still struggling and witnessing selling pressure on every bounce. In line with others, PNB also made a recovery attempt of late but failed to surpass the resistance zone around 76 levels. Indications are in the favour of gradual decline in near future. We advise initiating fresh shorts in the given range.
Disclaimer: The brokerage may have positions in any or all the stocks mentioned above.
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