Buy Tata Chemicals for a target of Rs 720, SL of Rs 780: Religare Broking

Top trading ideas by Religare Broking for today:

Tata Chemicals

Rec: BUY 

Last Close: Rs 738.10

Initiation range: Rs 730-740

Target: Rs 720

Stop loss: Rs 780

Tata Chemicals has been trading in broadening formation (which acts as a continuous pattern) around its record high for last nine months. It has recently tested the upper band of the pattern and witnessing profit taking now. We believe it’s an excellent buying opportunity and traders should utilize this phase to accumulate fresh longs in the given range. 

DLF Limited

Rec: SELL FUTURES

Last Close: Rs 198.60

Initiation range: Rs 201-203

Target: Rs 188

Stop loss: Rs 207

After retesting the resistance around 220, DLF has been witnessing profit taking and formed a fresh shorting pivot on the daily chart. It has also slipped below the support zone of multiple moving averages, adding to the negativity. We advise using any bounce to create fresh shorts in the given range.

Canara Bank

Rec: SELL FUTURES

Last Close: Rs 261.70

Initiation range: Rs 264-266

Target: Rs 252

Stop loss: Rs 270

Canara Bank has posted a breakdown today from its month-long distribution phase and likely to witness fresh fall in near future. We’ve similar indications from majority PSU banking counters. We advise using any uptick to create fresh shorts in the given range.

Reliance Infrastructure

Rec: SELL FUTS

Last Close: Rs 451

Initiation range: Rs 454-456

Target: Rs 430

Stop loss: Rs 468

Reliance Infrastructure has rebounded swiftly in last two months but its overall trend is still down. It attempted to cross the resistance zone of long-term moving averages recently but failed and that result in the formation of a fresh shorting pivot. We advise traders not to miss this opportunity and create shorts in the mentioned zone.

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