Emami Limited
Recommendation: Buy
Last Close: 590.15
Initiation range: 585-590
Target: 630
Stop loss: 570
The FMCG index has resumed the uptrend after consolidating for nearly one and a half months. Among the stocks, Emami has witnessed a fresh breakout from a consolidation range of 530-580 level today i.e. August 17 with a noticeable surge in volumes. We advise initiating fresh longs in the mentioned zone.
Indian Oil Corporation Limited
Recommendation: Buy
Last Close: 105.70
Initiation range: 105.5-106.5
Target: 112
Stop loss: 103
We’re seeing recovery in the energy pack and oil marketing companies (OMCs) are also trading in sync with the move. Among the OMC counters, IOC looks set to resume the uptrend after forming a base above the support zone of medium-term moving average (100 EMA) on the daily chart. We thus recommend creating fresh longs in the mentioned zone.
Bandhan Bank Limited
Recommendation: Sell Aug Futures
Last Close: 294.05
Initiation range: 297-300
Target: 282
Stop loss: 306
Bandhan Bank has been witnessing selling pressure on every rise, continuing its prevailing downtrend. It is currently trading below the resistance zone of moving averages ribbon on the daily chart and is likely to see a gradual decline ahead. Traders can utilize any uptick to create fresh shorts in the given range.
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Note: All prices are in Rs
Disclaimer: Ajit Mishra is VP - Research at Religare Broking.
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