Technical calls by Religare Broking: Buy DLF, Hexaware Technologies

Here are the top trading ideas by Religare Broking.

DLF

Recommendation: Buy

Last Close: Rs 199.50

Initiation range: Rs 196-198

Target: Rs 212

Stop loss: Rs 190

Post breakout from its resistance zone of 200 EMA on the daily chart, DLF has taken a pause and is hovering in a narrow range, offering a fresh buying opportunity for those who had missed the chance earlier. We advise traders to use this phase and initiate fresh longs position within the mentioned range.

Hexaware Technologies

Recommendation: Buy

Last Close: Rs 359.80

Initiation range: Rs 354-358

Target: Rs 380

Stop loss: Rs 346

In line with other IT counters, Hexaware has recovered swiftly of late and looks strong for the further surge. It has also surpassed the hurdle of multiple moving averages on the daily chart. In short, all indications are in the favor of fresh surge. We advise initiating fresh longs as per the mentioned levels. 

United Spirits

Recommendation: Sell April Futures

Last Close: Rs 543

Initiation range: 548-552

Target: Rs 515

Stop loss: Rs 566

The stock has been trading with a negative bias for the last year. Thought it made an attempt to reverse the trend of late, but failed to cross the resistance hurdle of multiple moving averages around Rs 600-mark and slipped lower. It has again formed a fresh shorting pivot on a daily chart. We recommend using any intraday bounce to create shorts as per the levels.

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

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