Technical calls by Religare Broking: Buy Infosys, Pidilite, Jubilant Food

Top trading ideas by Religare Broking.

Infosys

Recommendation: Buy 

Last Close: Rs 722.25

Initiation range: Rs 715-722

Target: Rs 750 

Stop loss: Rs 705

Infosys has been witnessing profit taking for last one and half month, after making a new record high in February, 2019. It has spent nearly a week around the crucial support zone of 100-EMA on daily chart and looks all set for fresh rebound. We suggest initiating fresh longs as per the given levels. 

Pidilite Industries

Recommendation- Buy

Last Close: Rs 1,176.40

Initiation range: Rs 1,170-1,180

Target: Rs 1,265

Stop loss: Rs 1,135

The stock has been strongly maintaining its long term uptrend since 2004. Currently, it’s trading in on the verge of consolidation breakout after spending nearly a year. The chart formation and positioning of confirmation indicators are also in sync. We strongly recommend creating fresh longs within the given range.

Jubilant Foodworks 

Recommendation: Buy

Last Close: Rs 1,398.75

Initiation range: Rs 1,380-1,390

Target: Rs 1,520

Stop loss: Rs 1,320

The stock is gradually inching higher while holding firmly above its support zone of multiple moving averages on daily chart. It has completed the formation of a fresh buying pivot and looks all set for fresh up move. We advise initiating fresh longs in the given range.

Bajaj Auto Limited

Recommendation: Sell March Futures

Last Close: Rs 2,965

Initiation range: Rs 2,980-3000

Target: Rs 2,860

Stop loss: Rs 3,050

The stock is likely to see profit taking, after the recent rebound. It has failed to cross the hurdle at 3050 of late and formed a fresh shorting pivot. At the top of it, indications are not favourable from the auto index. We suggest creating fresh shorts in the mentioned range.

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

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