Buy Marico, Tata Chemicals and KPIT: Religare Securities

Here are three trading ideas for Tuesday's trade by brokerage Religare Securities:

Marico Limited 

Reco: BUY

Last Close: Rs 317.30

Initiation range: Rs 314-317

Target: Rs 338

Stop loss: Rs 304

MARICO has been consolidating around its record high for last one month and formed a fresh buying pivot. The strength in the FMCG pack and its chart formation are indicating strong surge ahead. We recommend initiating long positions in the given range.

Tata Chemicals Limited

Reco: BUY

Last Close: Rs 598.90

Initiation range: Rs 597-600

Target: Rs 630

Stop loss: Rs 584

TATACHEM has been witnessing profit taking of late from its record high and reached closer to its immediate support zone of moving averages and is likely to consolidate around the current level. Traders are advised to use this phase to accumulate fresh in the given range.

KPIT Technologies Limited

Reco: SELL JUN FUTS

Last Close: Rs 123

Initiation range: Rs 125-127

Target: Rs 110

Stop loss: Rs 132

KPIT has witnessed a breakdown after a prolong distribution phase and looks all set for a sharp plunge. We suggest using any intraday bounce to initiate fresh shorts in the given range. 

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