Technical calls by Religare Broking: Buy Voltas, Sell Biocon June Futures

Here are the top trading ideas by Religare Broking

Voltas 
 

Recommendation: Buy

Last Close: Rs 598.60
 

Initiation range: Rs 589-594
 

Target: Rs 625
 

Stop loss: Rs 576
 

The stock has been consolidating in the broader market for last one year. Recently, it tested the support zone of 200 exponential moving average (EMA) on the daily chart and rebounded strongly thereafter. On June 3, it has completed the formation of a fresh buying pivot and likely to see fresh surge ahead. We advise initiating fresh longs position as per the levels. 

Dabur India 
 

Recommendation: Buy
 

Last Close: Rs 405.55
 

Initiation range: Rs 401-405
 

Target: Rs 430
 

Stop loss: Rs 394
 

It has swiftly rebounded of late after testing its crucial support zone of 100 EMA on weekly chart and likely to continue its positive momentum ahead. Also, it has surpassed the hurdle of multiple moving averages on daily chart adding to the positivity. We feel it’s a healthy buying opportunity and advise traders to initiate fresh longs within the mentioned zone.

CESC 
 

Recommendation: Buy
 

Last Close: Rs 777.95
 

Initiation range: Rs 762-767
 

Target: Rs 820
 

Stop loss: Rs 738
 

After consolidating for almost seven months or so on daily chart, CESC has posted a fresh breakout of late supported with exceptional rise in volume. The current chart pattern and existence of strong support of 200 EMA on daily chart, is clearly pointing towards strong surge ahead. We advise traders to initiate fresh long positions as per the given levels.

Biocon 
 

Recommendation- Sell June Futures
 

Last Close: Rs 544
 

Initiation range: Rs 548-553
 

Target: Rs 518
 

Stop loss: Rs 562
 

Most pharma counters are trading under pressure and this stock is no different. Though it has witnessed marginal bounce of late after a sharp plunge from its consolidation range, it couldn’t breach the resistance hurdle of 50 day EMA on daily chart and posted a fresh fall ahead. The chart pattern and confirmation indicators are also in sync with the view.  We suggest traders using any technical bounce to go short in the given range. 

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

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