Technical calls by Religare Broking: Buy Dr Reddy Labs, Titan Company

Weekly technical recommendation by Religare Broking

Dr. Reddy's Laboratories
 

Recommendation: Buy

Last Close:  Rs 2,676.50

Initiation range: Rs 2,650-2,660

Target: Rs 2,750

Stop loss: Rs 2,610

The stock has been consolidating within a range for last two months or so while hovering around the support zone of moving averages ribbon on multiple time frames. Indications are now in the favour of a breakout in the near future. We advise initiating fresh longs as per the given levels.

 Titan Company 

Recommendation: Buy

Last Close: Rs 1,114.75

Initiation range: Rs 1,100-1,110

Target: Rs 1,170

Stop loss: Rs 1,075

It has witnessed sharp decline from its record high and is currently trading around the support zone of 200 EMA on the daily chart. Existence of strong support around 1,075 combined with oversold positions is pointing towards sharp rebound in near future. We advise accumulating in the given range.

Bank of Baroda

Recommendation: Sell July Futures

Last Close: Rs 124.60

Initiation range: Rs 124-125

Target: Rs 117

Stop loss: Rs 128

Like most PSU banking counters, Bank of Baroda has been struggling for quite a some time now and there’s no sign of reversal yet. Recently, it has witnessed marginal bounce, offering fresh shorting opportunity. We advise creating in the mentioned zone.

IndusInd Bank 

Recommendation- Sell July Futures

Last Close: Rs 1,482

Initiation range: Rs 1,485-1,495

Target: Rs 1,400

Stop loss: Rs 1,540

The bank has been consolidating in a broader range with a bias on the negative side. It has failed to sustain above the resistance zone of multiple moving averages, around 1560, recently and is drifting lower. All indications are in the favor of further slide ahead.

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Disclaimer: The analyst may have positions is one or all of the above mentioned stocks

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