Trading strategies by Religare Broking: Buy Indian Oil Corporation, Titan

Indian Oil Corporation Limited
 

Recommendation: Buy 
 

Last Close: 93.45
 

Initiation range: 91-92
 

Target: 102
 

Stop loss:87
 

IOC surged strongly on July 21, posting a fresh breakout from a month-long consolidation phase. Besides, the energy index has also witnessed a fresh breakout, which further adds to the confirmation. Put together, we are anticipating the momentum to continue ahead thus traders can initiate fresh longsin the given range.
 

Titan Company Limited
 

Recommendation: Buy
 

Last Close: 1,015.15
 

Initiation range: 1,000-1,015
 

Target: 1,110
 

Stop loss: 970
 

TITAN has been trading within 940-1030 zone for almost one and a half months, taking a pause after a sharp rebound. It has again reached closer to the upper band of the range and indications are in the favor of breakout this time. We advise traders to accumulate in the mentioned zone. 
 

DLF Limited
 

Recommendation: Sell July futures
 

Last Close: 143.50
 

Initiation range: 144-146
 

Target:136
 

Stop loss: 150
 

Most of the Realty counters are in a prolonged downtrend and DLF is no different. After its failed attempt to surpass the resistance zone of 200 EMA on the daily chart, it has been gradually inching lower. The recent uptick is offering an opportunity to create fresh shorts.
 

InterGlobe Aviation Limited
 

Recommendation: Sell July Futures 
 

Last Close:967.90
 

Initiation range: 975-980
 

Target: 910
 

Stop loss:1015
 

IndiGo has been gradually inching lower since March 2020, after a breakdown from a distribution pattern. Though it attempted to reverse in June 2020 but failed and resumed the prevailing downtrend. The chart pattern and existence of multiple hurdles are pointing towards a gradual decline ahead. We thus advise initiating fresh shorts in the given range.

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Disclaimer: All the prices are in rupee denomination. 
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