Lupin, Reliance Industries: Stock picks by Ajit Mishra of Religare Broking

Lupin Limited

Recommendation: Buy 

Last Close: 1,089.20

Initiation range: 1,070-1,080

Target: 1,160

Stop loss:1,030

We're seeing consistent buying interest in the pharma pack and Lupin is also catching up with the other pharma majors. It has witnessed a decent recovery in the last two months after forming a strong base on the weekly chart around the 880 zone. It's currently trading around the previous swing high and is likely to surpass this hurdle soon. Traders can create fresh longs in the given range.

Reliance Industries Limited

Recommendation: Buy

Last Close: 2,016.40

Initiation range: 2,000-2,010

Target: 2,190

Stop loss: 1,910

Reliance has witnessed a breakout after spending nearly two months in a consolidation range. It formed a strong base while holding strongly above the support zone of the long term moving average (200 EMA) on the daily chart. The overall chart pattern, combined with its positioning on multiple timeframes, indicate a steady upmove from hereon. Traders shouldn't miss this opportunity and accumulate in the mentioned zone.
 

RadicoKhaitan Limited

Recommendation: Buy

Last Close: 517.55
 

Initiation range: 510-520

Target: 575

Stop loss: 485

Radico has gained noticeable traction in the last ten months and has doubled the investors' money in such a short period. Importantly, it's currently trading closer to its record high and has also ended the 2-year long consolidation phase of late. All indications are in favour of the prevailing buoyancy to continue. We thus suggest creating fresh longs in the given range. 

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Note: All prices are in Rs
 

Disclaimer: Ajit Mishra is VP - Research at Religare Broking

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