Top trading calls by Religare Broking: Buy Tech Mahindra, L&T Finance

Here are the stock recommendations by Religare Broking

Tech Mahindra

Recommendation: Buy

Last Close: Rs 798.10

Initiation range: Rs 792-796

Target: Rs 820

Stop loss: Rs 784

After scaling a record high of Rs 840 apiece in February 2019, the stock has witnessed marginal profit-booking and touched the support zone around Rs 770. It has spent almost a month now in a consolidation range and looks all set for a fresh surge. Its chart formation combined with positivity in IT pack is adding to the positivity. We advise initiating fresh longs in the given range.

Century Textiles & Industries

Recommendation: Buy

Last Close: Rs 929.35

Initiation range: Rs 920-925

Target: Rs 975

Stop loss: Rs 900

Century Textiles has been gradually inching higher after retesting its major support zone around Rs 720 in February 2019. It is trading on the verge of breakout from a bullish reversal pattern and is likely to see a strong surge in the near future. Indications from the cement pack are also in sync. We advise creating fresh longs in the given range.

L&T Finance Holdings 

Recommendation: Buy

Last Close: Rs 149.55

Initiation range: Rs 149-151

Target: Rs 162

Stop loss: Rs 146
 

the stock has rebounded sharply after retesting its crucial support zone around Rs 120 and reached closer to its previous high around Rs 155 in no time. It has retraced marginally in the last two weeks and is consolidating around the support zone of 200 EMA (exponential moving average) on daily chart. On April 15, it surged strongly with decent volume and looks upbeat for fresh up move. We advise initiating fresh longs within the mentioned range.

Sun Pharmaceutical Industries

Recommendation- Sell April Futures

Last Close: Rs 464.90

Initiation range: Rs 467-470

Target: Rs 448

Stop loss: Rs 478

We’re seeing a mixed trend in pharma space and Sun Pharma has been trading in prolonged downtrend. It has formed a fresh shorting pivot, after its failed attempt to cross the resistance barrier of 200 EMA on the daily chart. We suggest using any bounce to go short in the given range.
 

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