Buy IndusInd Bank, Sun Pharmaceutical Industries, says Religare Broking

Top trading ideas by Religare Broking.

IndusInd Bank Limited

Rec: BUY 

Last Close: Rs 1,607.90

Initiation range: Rs 1,600-1,610

Target: Rs 1,740

Stop loss: Rs 1,530

INDUSINDBK has witnessed decent profit taking from its record high and currently hovering around the support area of 100 EMA on the weekly chart. Considering its chart pattern and oversold positions, we expect marginal consolidation followed by strong rebound ahead. The rise in volume also indicates buying interest. We advise traders to use this phase and accumulate in the given range.

Sun Pharmaceutical Industries Limited 

Rec: Buy

Last Close: Rs 609.75 

Initiation range: Rs 605- Rs 610

Target: Rs 645

Stop loss: Rs 588

In line with other pharma majors, SUNPHARMA has also rebounded strongly of late, after retesting its crucial price support zone around 430 levels and witnessed breakout from a bullish reversal pattern. Currently, it has been consolidating near its support zone of short moving averages (50/100) EMA’s on the daily chart, offering an opportunity for fresh buying. 

ACC Limited 

Rec: Sell October Futures

Last Close: Rs 1,464.70

Initiation range: Rs 1,480- Rs 1,490

Target: Rs 1,410

Stop loss: Rs 1,520

Mostly cement counters are struggling at present and ACC is no different. It has posted a breakdown of late from its distorted bearish pattern and likely to witness a fresh fall in near future. The confirmation indicators are also in sync with the view. We advise traders using any uptick to initiate fresh short positions in the mentioned zone. 

Bajaj Auto Limited 

Rec: Sell October Futures 

Last Close: Rs 2,550.10

Initiation range: Rs 2,600- Rs 2,620

Target: Rs 2,470

Stop loss: Rs 2,680

BAJAJ-AUTO has witnessed breakdown from a distribution pattern of late and likely to see gradual decline ahead. Besides, overall weakness in auto index is adding to negativity. We advise initiating shorts on any technical bounce within the given range. 

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

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