Trading ideas by Religare Broking: Buy IGL, Torrent Pharmaceuticals

IGL has tested the major support zone of the long-term moving average (200 EMA) on the daily chart of late

Indraprastha Gas Limited

Recommendation: Buy 

Last Close: Rs 414.75

Initiation range: Rs 412-415

Target: Rs 440

Stop loss: Rs 400

Of late, IGL has retraced considerably from the top and tested the major support zone of the long-term moving average (200 EMA) on the daily chart. The existence of major support combined with the oversold reading of the oscillators is pointing towards a gradual rebound ahead. Traders shouldn’t miss this chance and initiate fresh long positions within the mentioned zone.

Torrent Pharmaceuticals Limited

Recommendation: Buy 

Last Close: Rs 2,421.30

Initiation range: Rs 2,410-2,420

Target: Rs 2,560

Stop loss: Rs 2,350

TORNTPHARMA has been consolidating in a range for the last three months, after making a new record high at 2,699 in April, 2020. It has retested the lower band of late and is again witnessing a rebound. Indications are in favor of a steady rise from hereon. We, thus, suggest creating fresh long positions in the given range. 

Zee Entertainment Enterprises Limited

Recommendation: Sell July futures

Last Close: Rs 165.70

Initiation range: Rs 167-169

Target: Rs 155

Stop loss: Rs 173

ZEEL has been trading in a long-term downtrend, making lower highers and lower lows on the weekly chart. In line with the past instances, it had witnessed a rebound but couldn’t surpass the hurdle of the long term moving average(200 EMA) on the daily chart. After spending nearly a month under consolidation, it’s trading on the verge of a fresh breakdown. We advise creating short positions as per the mentioned levels.

LIC Housing Finance Limited

Recommendation: Sell July Futures 

Last Close: Rs 261.70

Initiation range: Rs 264-266

Target: Rs 248

Stop loss: Rs 273

In line with other financial counters, LICHSGFIN has been witnessing rebound, after a sharp plunge in March month. To extend its recovery, it has recently attempted to surpass the major hurdle at 295 levels but failed which result in the formation of a fresh shorting pivot. We advise initiating short trades in the given range.

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