Top stock calls by Religare Broking: Buy Engineers India, Power Grid Corp

Here are the weekly stock recommendations by Religare Broking.

Britannia Industries
 

Recommendation: Buy July Futures
 

Last Close:  Rs 2787.80
 

Initiation range: Rs 2775-2780
 

Target: Rs 2875
 

Stop loss: Rs 2730
 

The share has retraced considerably from its record high and has found support around the medium term moving average (100 EMA) on the weekly chart. After spending nearly a week around that zone, it looks all set for a rebound. We advise accumulating fresh longs in the mentioned zone.
 

Engineers India
 

Recommendation: Buy 
 

Last Close: Rs 120.45
 

Initiation range: Rs 119-122
 

Target: Rs 132
 

Stop loss: Rs 116
 

After a decent correction from the record high, the scrip has been consolidating in a zone for roughly a year on the weekly chart. It has now reached closer to the upper band of the range and is likely to witness breakout from the same in near future. Traders can accumulate within the given range. 
 

Power Grid Corporation of India
 

Recommendation: Buy 
 

Last Close: Rs 207.35
 

Initiation range: Rs 205-206
 

Target: Rs 220
 

Stop loss: Rs 200
 

Power Grid has retraced marginally of late, after making a new record high, offering fresh buying opportunity. The chart pattern and positioning of indicators are also pointing towards a steady rise ahead. Traders should utilise any dip to create fresh longs as per the given levels.

Ambuja Cements
 

Recommendation- Sell July Futures
 

Last Close: Rs 215.70
 

Initiation range: Rs 217-219
 

Target: Rs 208
 

Stop loss: Rs 222
 

Mostly cement counters are struggling these days and this stock is no different. After a marginal bounce of late, it failed to surpass the resistance hurdle of multiple moving averages i.e. (200, 100 & 50 EMA) on the daily chart and drifted lower. All indications are in the favour of a gradual decline ahead. We thus advise traders to create fresh shorts position as per the levels.

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

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