Ajit Mishra of Religare Broking likes Muthoot Fin, IGL. Time to buy & hold

Indraprastha Gas Limited

Recommendation: Buy

Last Close: 524.75

Initiation range: 520-525

Target: 550

Stop loss: 510

IGL has been consolidating in a range for the last three months while holding firmly above the support zone of the long-term moving averages. The chart pattern, combined with the recent surge in volumes, indicates the possibility of a steady rise from hereon. We thus advise creating fresh longs in the mentioned zone.

Nippon Life India Asset Management Limited

Recommendation: Buy

Last Close: 367.50

Initiation range: 360-365

Target: 390

Stop loss: 350

It has witnessed a breakout from a triangle pattern (usually act as continuous) with exceptional rise in the volumes of late. The chart formation combined with overall buoyancy in the market is pointing towards a steady rise from hereon. We advise initiating long trades in the given range.
 

Muthoot Finance Limited

Recommendation: Buy

Last Close: 1308.90

Initiation range: 1300-1310

Target: 1390

Stop loss: 1250

Muthoot Finance has been trading in a broader trading range for the last ten months and currently is trading closer to the upper band of the same. Indications are in the favor of a breakout this time. Traders shouldn't miss this opportunity and create fresh longs in the mentioned zone.

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Note: All prices are in Rs

Disclaimer: Ajit Mishra is VP - Research at Religare Broking.

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