Technical calls by Religare Broking: Buy Indian Oil Corporation, Lupin

Here are the top trading ideas by Religare Broking.

1. Indian Oil Corporation Limited

Recommendation: Buy

Last Close: Rs 158.05

Initiation range: Rs 155-157

Target: Rs 165

Stop loss: Rs 153

IOC has been gradually inching higher for the last two months, after retesting its monthly support zone. Currently, it’s trading well above the support zone of long term averages on the daily chart and has formed a fresh buying pivot. Its current chart pattern combined with positioning of indicators is adding to the confirmation. We advise initiating fresh longs in the given range.

2. Housing Development Finance Corporation Limited

Recommendation: Buy

Last Close: Rs 1,995.05

Initiation range: Rs 1,980-1990

Target: Rs 2,080

Stop loss: Rs 1,940

After making a record high, HDFC has witnessed marginal profit taking and consolidating around the support zone of 100 EMA on the daily chart. It looks all set for a fresh rebound now. Traders shouldn’t miss this opportunity and accumulate in the given range.

3. Lupin Limited

Recommendation: Buy

Last Close: Rs 872.05

Initiation range: Rs 860-865

Target: Rs 910

Stop loss: Rs 840

After retesting the crucial support zone of monthly trend line, LUPIN has witnessed a sharp recovery of late and surpassed the hurdle of long term moving average (200 EMA) on the daily chart. All indications are in the favour of the rebound to continue. We advise traders to initiate fresh long positions as per the mentioned levels.

4. CEAT Limited

Recommendation- Sell May Futures

Last Close: Rs 1,046

Initiation range: Rs 1,055-1,065

Target: Rs 985

Stop loss: Rs 1,090

Most tyres stocks are trading under pressure and CEATLTD is no different. The several attempts it made to surpass the hurdle of multiple moving averages on daily chart all went in vain. Currently, it’s trading on the verge of fresh breakdown. We suggest traders to use any bounce to go short in the given range.

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

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