Buy Amara Raja Batteries, Dr. Reddy's Laboratories, says Religare Broking

Top trading ideas by Religare Broking:

Amara Raja Batteries

Rec: BUY 

Last Close: Rs 847.35

Initiation range: Rs 835-845

Target: Rs 910

Stop loss: Rs 810

Amara Raja Batteries has been witnessing consolidation in a broader range i.e. 700-900 for last two years. It tested the lower band of the same in July 2018 and rebounding gradually since then. Today i.e. August 14, it has surged strongly with the decent rise in volume and ended near day’s high. All indications are in the favour of retesting upper band of the consolidation range or even surpassing the same this time.  

We advise accumulating fresh in the given range.

Dewan Housing Finance Corporation

Rec: BUY

Last Close: Rs 658.20

Initiation range: Rs 645-655

Target: Rs 710

Stop loss: Rs 630

DHFL has witnessed breakout today i.e. on Aug 14, supported with a significant rise in volume, after spending nearly three months or so in a consolidation range, closer to its support zone of multiple moving averages viz. 50 and 100 EMA on a daily chart. Its chart pattern combined with confirmation indicators are clearly pointing towards fresh momentum. Traders can create fresh longs in the given range.

Dr. Reddy's Laboratories 

Rec: BUY

Last Close: Rs 2,278.45

Initiation range: Rs 2,270-2,280

Target: Rs 2,400

Stop loss: Rs 2,215

Dr Reddy's, after breakout from its consolidation zone, has retraced marginally of late and has formed a base around its price support level around 2025. It has again rebounded swiftly from thereon and found support around the support zone of 200 EMA on daily chart. We believe it’s an excellent buying opportunity especially for those who have missed it earlier.

Oil India

Rec: SELL AUGUST FUTURES

Last Close: Rs 209.20

Initiation range: Rs 210-212

Target: Rs 192

Stop loss: Rs 220

Oil India has witnessed a sharp plunge today i.e. August 14 from its distribution pattern and likely to remain under pressure in the coming days. Considering the chart pattern and overall downtrend, we suggest creating fresh shorts on any intraday bounce in the given range.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

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