Technical calls by Religare Broking: Buy Pidilite Industries, sell BPCL

Top trading ideas by Religare Broking:

Kotak Mahindra Bank

Recommendation: Buy 

Last Close: Rs 1,279.15

Initiation range: Rs 1,260-1,270

Target: Rs 1,360

Stop loss: Rs 1,220

KOTAKBANK has been consolidating within 1200-1350 for last two months, after the sharp rebound from the support zone of 1000 levels.  It’s holding strongly above the support zone of moving averages ribbon on the daily chart and looks set for a fresh surge. Traders shouldn’t miss this opportunity and accumulate within the mentioned levels.

Pidilite Industries

Recommendation: Buy

Last Close: Rs 1,117

Initiation range: Rs 1,110-1,120

Target: Rs 1,190

Stop loss: Rs 1,085

After making a new record high, PIDILITIND witnessed marginal correction and consolidated around the support zone of 100 EMA on the daily chart. It has spent over five weeks around that zone and formed a fresh buying pivot. Its overall chart formation is also in sync. We advise creating fresh longs in the given range.

Bharat Petroleum Corporation

Recommendation: Sell February Futures

Last Close: Rs 326.85

Initiation range: Rs 328-330

Target: Rs 310

Stop loss: Rs 336

BPCL has been struggling around the resistance hurdle of multiple moving averages for past two months on daily chart and now trading on the verge of fresh breakdown. We advise traders to initiate fresh short positions as per the given levels.

Siemens

Recommendation: Sell February Futures

Last Close: Rs 1,000

Initiation range: Rs 1,010-1,020

Target: Rs 940

Stop loss: Rs 1,045

SIEMENS has been trading with corrective bias for almost a year now, after retesting its record high. It has recently witnessed rebound but couldn’t surpass the resistance hurdle of long term moving averages i.e. 200EMA on weekly chart. After spending near a month in consolidation, it declined sharply today i.e. on February 5 and trading on the verge of fresh breakdown. We advise creating fresh shorts position within the mentioned range.

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

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