Bharti Airtel
Recommendation: Buy
Last Close: Rs 546.80
Initiation range: Rs 540-545
Target: Rs 570
Stop loss: Rs 530
Bharti Airtel has started rebounding of late after retesting the major support zone of the long-term moving average (200 EMA) on the daily chart. The chart formation on multiple time frames is pointing towards a gradual recovery ahead. We thus advise creating fresh longs in the mentioned zone.
HDFC Life Insurance Company
Recommendation: Buy
Last Close: Rs 689.70
Initiation range: Rs 680-686
Target: Rs 705
Stop loss: Rs 675
HDFC Life has formed a strong base after hovering in a narrow range for nearly a month and looks set to reverse the short-term downtrend. It’s trading on the verge of a declining trendline breakout on the daily chart. Traders should not miss this opportunity and accumulate within the given range.
L&T Finance Holdings
Recommendation: Buy
Last Close: Rs 96.60
Initiation range: Rs 95-97
Target: Rs 104
Stop loss: Rs 93
L&T Finance Holdings has been witnessing recovery after retesting the major support zone of long-term moving average (200 EMA) on the daily chart. The chart pattern and existence of a strong support zone around 90 levels, makes it an ideal candidate for taking fresh long positions on the counter.
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Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
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