Buy Godrej Consumer Products Limited
Last Close: Rs 677.45
Initiation range: Rs 670-675
Target: Rs 715
Stop loss: Rs 655
After an up move from 600 to 720 levels, GODREJCP has been trading with a corrective bias for the last three weeks. It has tested the support zone around 660 of late and indications are now in the favor of a rebound. Traders are advised to initiate fresh longs in the given range.
Buy Hero MotoCorp Limited
Last Close: Rs 2,841.25
Initiation range: Rs 2,820- Rs 2,830
Target: Rs 2,980
Stop loss: Rs 2,750
We’re seeing consistent buying interest in the auto pack and the two-wheeler segment is leading the surge. Among all, HEROMOTOCO has formed a fresh buying pivot on the daily chart, after a marginal dip. The chart pattern is pointing towards a steady rise ahead. We, thus, suggest traders not to miss this chance and accumulate fresh longs within the mentioned zone.
Buy Sun Pharmaceutical Industries Limited
Last Close: Rs 482.60
Initiation range: Rs 478- Rs 482
Target: Rs 505
Stop loss: Rs 465
SUNPHARMA has been consolidating in a range of 465-510 levels for the past two months or so while holding strongly above the support zone of the long-term moving averages on the daily chart. Recently, it has retested the lower band of the range and is likely to see a fresh rebound ahead. We, thus, advise creating fresh longs as per the mentioned levels.
Buy Tata Consultancy Services Limited
Last Close: Rs 2,310.20
Initiation range: Rs 2,280- Rs 2,300
Target: Rs 2,450
Stop loss: Rs 2,220
The IT majors are leading the recent up move in the benchmark index and TCS looks upbeat to continue the prevailing momentum. It has witnessed a fresh breakout on Tuesday (i.e. July 28), after spending nearly two weeks in consolidation. We advise initiating fresh longs in the given range.
Disclaimer: All the prices are in rupee denomination.