Top stock calls by Religare Broking: Sell July Futures of Tata Chem, BHEL

Here are the weekly stock recommendations by Religare Broking

Colgate Palmolive (India)
 

Recommendation: Buy 
 

Last Close:  Rs 1,164.45
 

Initiation range: Rs 1,155 - 1,165
 

Target: Rs 1,240
 

Stop loss: Rs 1,120
 

COLPAL looks all set for a rebound and resume its uptrend. It has been consolidating around the support zone of 100 EMA for the last two months and is trading on the verge of a breakout from the same. We advise initiating fresh longs as per the given levels. 

Tata Chemicals
 

Recommendation: Sell July Futures
 

Last Close: Rs 592.25
 

Initiation range: Rs 595 - 600
 

Target: Rs 560
 

Stop loss: Rs 615
 

The stock has been trading in the downtrend since the beginning of the year and is likely to maintain this bias ahead also. It has recently failed to sustain above the resistance zone of 200 EMA on the daily chart and has formed a fresh shorting pivot. We advise creating fresh shorts position as per the levels. 

Indiabulls Housing Finance
 

Recommendation: Sell July Futures
 

Last Close: Rs 684.50
 

Initiation range: Rs 700 - 705
 

Target: Rs 640
 

Stop loss: Rs 730
 

The housing finance's scrip has been trading with a negative bias for the last nine months and there’s no change in the trend yet. After retesting its crucial support around 550 levels, it recovered swiftly but couldn’t surpass the resistance hurdle of 100EMA on the daily chart and formed a fresh shorting pivot. The chart pattern and the overall market scenario are also in sync for a further decline. We advise creating fresh shorts within the given range.

Bharat Heavy Electricals
 

Recommendation- Sell July Futures
 

Last Close: Rs 67.40
 

Initiation range: Rs 68.50 - 69.50
 

Target: Rs 64
 

Stop loss: Rs 71
 

BHEL has recently tested the resistance zone of the declining trend line of around 75 on the weekly chart and has witnessed a sharp decline thereafter. Considering its overall downtrend and existence of multiple hurdles, we advise using any rebound to go short in the given range.

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Disclaimer: The analysrt may have positions in one or all of the above mentioned stocks
 

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