Technical calls by Religare Broking: Buy Dabur India, UPL

Here are the top trading ideas by Religare Broking.

Top trading ideas by Religare Broking.

Dabur India Limited

Recommendation: Buy 

Last Close: Rs 446.25

Initiation range: Rs 438 - Rs 442

Target: Rs 460

Stop loss: Rs 432

The stock has retraced marginally of late, after the recent surge, offering fresh buying opportunity to those who had miss the chance earlier. Among the sectoral indices, FMCG is still trading comparatively stronger. Put together, conditions are favourable for further up move. Also, we believe defensive should be preferred for long trades in present market scenario.

UPL Limited

Recommendation: Buy

Last Close: Rs 796.20

Initiation range: Rs 790 - Rs 800

Target: Rs 850

Stop loss: Rs 775

UPL is gradually inching higher towards its record high after the consolidation breakout. Though it looks firm overall but may see marginal dip before further up move. We advise participants to utilise that phase to create fresh longs positions in the given range.

Voltas Limited

Recommendation: Sell February Futures

Last Close: Rs 521.65

Initiation range: Rs 525-528

Target: Rs 510

Stop loss: Rs 538

It has been witnessing correction for last eight months while trading within declining broadening formation. Currently, it’s struggling below the resistance hurdle of multiple moving averages on daily chart and likely to see fresh breakdown from the same in near future. We advise using any bounce to create fresh shorts in the given range. 

LIC Housing Finance

Recommendation: Sell February Futures

Last Close: 449.55

Initiation range: 453-456

Target: 428

Stop loss: 467

Post breakdown from its month-long distribution phase, the stock has witnessed a marginal bounce of late and has reached closer to its immediate resistance hurdle of moving averages i.e. (100, 50) exponential moving average (EMA) on daily chart. It has formed a fresh shorting pivot and likely to see fall ahead. We advise to initiate fresh short positions in the given range.
 

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

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