Top stock calls by Religare Broking: Buy Voltas, sell Lupin June futures

Here are the weekly stock recommendations by Religare Broking.

Voltas Limited

Recommendation: Buy

Last Close: Rs 600.40

Initiation range: Rs 596-600

Target: Rs 630

Stop loss: Rs 585

Voltas has retraced marginally of late, after swift rebound from the support zone of short-term moving averages on daily chart. The current chart pattern combined with favourable reading from the confirmation indicators is pointing towards steady rise in near future. We advise creating fresh longs within the given range.

Lupin Limited

Recommendation: Sell June Futures

Last Close: Rs 708.40

Initiation range: Rs 712-715

Target: Rs 680

Stop loss: Rs 732

Lupin has been trading in downtrend for the last two years and still there’s no sign of reversal. It has recently breached the monthly support zone around Rs 715 and looking set for fresh fall. We suggest traders not to miss this chance and initiate fresh shorts, as per recommended levels.

Ashok Leyland Limited

Recommendation: Sell June Futures

Last Close: Rs 84.15

Initiation range: Rs 85-86

Target: Rs 78

Stop loss: Rs 89

Mostly, auto packs are reeling under pressure and Ashok Leyland is no different. It has been trading with negative bias for the past one year and posted a fresh breakdown of late, signalling negative trend to continue. We suggest traders to go short as per the mentioned levels.

Canara Bank

Recommendation: Sell June Futures

Last Close: Rs 260.35

Initiation range: Rs 260-262

Target: Rs 245

Stop loss: Rs 268

In line with other PSU banking counters, Canara Bank is also trading under pressure. It’s currently struggling around the resistance hurdle of multiple moving averages on weekly chart and likely to see fresh decline in the near future. Its chart pattern and positioning of indicators are also in sync for further fall. We advise initiating fresh shorts 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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