Buy Petronet LNG for a target of Rs 245, SL of Rs 222: Religare Broking

Top trading ideas by Religare Broking:

Colgate Palmolive (India) Limited

Rec: BUY 

Last Close: 1144.95

Initiation range: 1135-1145

Target: 1210

Stop loss: 1115

COLPAL has been consolidation in a narrow range while holding above the support zone of 100 EMA on the weekly chart. Today i.e. on Aug 7, it has rebounded swiftly and likely to see a fresh surge in near future. We advise initiating fresh long positions in the given range.

Petronet LNG Limited

Rec: BUY

Last Close: 230.30

Initiation range: 227-230

Target: 245

Stop loss: 222

PETRONET has witnessed fresh breakout of late, after nearly eight months of long corrective phase. Technically, it has also surpassed the resistance zone of multiple moving averages (200/100/50 EMA) on the daily chart. Traders should gradually accumulate fresh longs in the mentioned range.

Oil & Natural Gas Corporation Limited

Rec: SELL AUGUST FUTS

Last Close: 167.55

Initiation range: 168-170

Target: 156

Stop loss: 175

ONGC has witnessed the marginal recovery of late but the existence of multiple hurdles around 170 level combined with overall chart formation is pointing towards the possibility of a decline in near future. We advise creating fresh shorts in the given range. 

Tata Chemicals Limited

Rec: SELL AUGUST FUTS

Last Close: 671.85

Initiation range: 675-680

Target: 640

Stop loss: 692

Tata Chemicals has been trading in a broader consolidation range 655-785 for last eight months and likely to witness breakdown from the same in near future. Traders should use any bounce in the given range to go short.

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

https://bsmedia.business-standard.comwww.religareonline.com/research/Disclaimer/