Technical calls by Religare Broking: Buy L&T, Sell Canara Bank Futures

Here are the top trading ideas by Religare Broking.

Larsen & Toubro
 

Recommendation: Buy

Last Close: Rs 1366.60

Initiation range: Rs 1360-1365

Target: Rs 1415

Stop loss: Rs 1340

LT has been holding strongly above the support zone of multiple moving averages on the daily chart and looks all set for a fresh up move. The chart pattern combined with indication from oscillators is also adding to the positivity. We advise initiating fresh longs as per the mentioned levels.

Voltas 

Recommendation: Buy

Last Close: Rs 601.45

Initiation range: Ra 597-602

Target: Rs 635

Stop loss: Rs 585

The stock, after the recent surge, has been consolidating in a range for last two months while forming a strong base around 50 day EMA on daily chart. Indications are in the favour of fresh up move in near future. We advise accumulating fresh longs in the given range.

Canara Bank

Recommendation: Sell May Futures

Last Close: Rs 257.45

Initiation range:Rs 260-262

Target: Rs 246

Stop loss: Rs 268

In line with other PSU banking counters, it is also trading under pressure. It has slipped below the support zone of 200 EMA on the daily chart of late and formed a fresh shorting pivot. We suggest using any bounce to go short as per the mentioned levels.

United Spirits Limited

Recommendation- Sell May Futures

Last Close: Rs 526.40

Initiation range: Rs 525-530

Target: Rs 485

Stop loss: Rs 545

MCDOWELL-N has been trading with negative bias for last one year. Though it had made several attempts to reverse the trend but failed to cross the resistance hurdle of multiple moving averages and slipped lower. It has again formed a fresh shorting pivot on daily chart. We recommend using any bounce to create fresh shorts in the given range.

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