Top trading ideas by Ajit Mishra of Religare Broking: Buy Biocon, TVS Motor

The favorable indication from the pharma index is added positive for Biocon's stock

Biocon Limited

Recommendation: Buy

Last Close: 408.45

Initiation range: 404-407

Target: 425

Stop loss: 396

Biocon has been consolidating in a range for the last two months, after a sharp decline from its record high. The recent price action indicates that bears have lost the steam and the stock is set for a rebound. The favorable indication from the pharma index is added positive. Traders can consider fresh long positions in the mentioned zone.

The Ramco Cements Limited
 

Recommendation: Buy

Last Close: 985.70

Initiation range: 970-980

Target: 1,050

Stop loss: 940

The cement stocks have been showing tremendous resilience amid volatility across the board and mostly are trading closer to their record highs. Among the counters, Ramco cement has rebounded after testing the support zone of short-term moving average(50 EMA) on the daily chart and formed a fresh buying pivot.

TVS Motor Company Limited
 

Recommendation: Buy

Last Close: 575.20

Initiation range: 560-570

Target: 610

Stop loss: 550

Most auto stocks are seeing correction and TVS Motors is no different. It has witnessed decent profit-taking in the last one and a half months and currently hovering in a range. The existence of the support zone around 550 levels combined with the possibility of rebound from the auto index is pointing towards a steady rebound ahead.

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Note: All prices are in Rs

Disclaimer: Ajit Mishra is VP - Research at Religare Broking

http://www.religareonline.com/disclaimer