State Bank of India
Recommendation: Buy
Last Close: Rs 314.75
Initiation range: Rs 313-316
Target: Rs 335
Stop loss: Rs 305
Unlike other PSU banking majors, State Bank of India (SBIN) has been trading comparatively stronger and holding strong on the multiple time frames. After forming a new 52-week high at Rs 339.65 last month, it has marginally retraced and is currently trading closer to its crucial support zone. Indications are in the favour of fresh surge in near future. We advise traders to initiate fresh long positions in the given range.
Recommendation: Buy
Last Close: Rs 99.15
Initiation range: Rs 98-100
Target: Rs 112
Stop loss: Rs 94
Tata Motors DVR, after a prolong downtrend, has witnessed sharp recovery last week and is trading on the verge of breakout from a consolidation pattern. The positive divergence between the price chart and RSI oscillator combined with the existence of support zone of 100 EMA on daily chart is adding to the positivity. We, thus, advise accumulating fresh longs as per the mentioned levels.
Marico Limited
Recommendation: Buy
Last Close: Rs 356
Initiation range: Rs 354-357
Target: Rs 380
Stop loss: Rs 345
We’re currently seeing mixed trend on FMCG front. Among the bullish counters, Marico has surpassed the hurdle of multiple moving averages on the daily chart of late, and formed a fresh buying pivot. We feel it’s a healthy buying opportunity and advise traders to initiate fresh longs in the given range.
Escorts Limited
Recommendation- Buy
Last Close: Rs 774.80
Initiation range: Rs 768-772
Target: Rs 790
Stop loss: Rs 750
Escorts has retraced marginally of late, after the sharp surge, and is currently hovering in a narrow range. Technically, it has formed a fresh buying pivot and likely to witness sharp up move in near future. We advise accumulating in the mentioned zone.
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