Technical calls by Religare Broking: Buy Reliance Industries, Dabur India

Top trading ideas by Religare Broking

BUY INDUSIND BANK LIMITED

CMP: Rs 1,541.60

TARGET: Rs 1,600

STOP LOSS: Rs 1,500

INDUSINDBK has been consolidating for nearly four months, after retesting its crucial support zone of 200 EMA on a weekly chart. It posted a fresh breakout on March 5, supported with a decent rise in volume. Indications from the banking index are also favourable. We advise initiating fresh long positions as per the given levels.   

BUY RELIANCE INDUSTRIES LIMITED

CMP: Rs 1,237.45

TARGET: Rs 1,290

STOP LOSS: Rs 1,200

After retesting its record high last month, RELIANCE has retraced marginally and is currently hovering around the support zone of Rs 1,220. It now looks all set for a fresh move upwards. Traders should not miss this chance and initiate fresh longs position within the mentioned zone. 

BUY DABUR INDIA LIMITED

CMP: Rs 443

TARGET: Rs 462

STOP LOSS: Rs 434

We’re seeing a mixed trend on FMCG front and DABUR is maintaining its positive bias amid volatility. It has been trading in a range i.e. Rs 420-460 while holding strongly above the support zone of 100 EMA on the daily chart. The chart pattern combined with the positioning of oscillators is pointing towards a steady rise in the near future. We suggest traders to initiate fresh longs position as per the given levels.

Buy AXIS BANK LIMITED

CMP: Rs 733.85

TARGET: Rs 775

STOP LOSS: Rs 705

AXISBANK has been steadily moving higher and trading at a new record high now, after spending nearly four years in a broader consolidation range. The fresh breakout in banking index combined with upbeat chart formation is clearly indicating up move to continue. We advise initiating fresh longs within the mentioned zone.

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

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