Trading tips by Ajit Mishra of Religare Broking: Buy Colgate, Tata Motors

Tata Motors has witnessed a fresh breakout on March 2, after consolidating in a range for a month

Buy Colgate Palmolive (India) Limited

Last close: Rs 1,602.15

Initiation range: Rs 1,590-1,600

Target: Rs 1,690

Stop loss: Rs 1,550

Colgate has been consolidating in a range for the last one and a half months, after making a new record high at 1676 in January 2021. It has formed a strong base while holding firmly above the support zone of the medium-term moving average(100 EMA) on the daily chart. Indications are in the favour of a steady up move from hereon. We, thus, suggest creating fresh longs in the mentioned zone.
 

Buy Tata Motors Limited

Last close: Rs 345.75

Initiation range: Rs 340-344

Target: Rs 370

Stop loss: Rs 330

We are seeing consistent buying in the auto pack and Tata Motors is trading in line with the trend. It has witnessed a fresh breakout on March 2, after consolidating in a range for a month. The chart pattern and positioning of confirmation indicators are pointing towards a strong surge ahead. Traders shouldn’t miss the opportunity and accumulate in the given range.
 

Buy Titan Company Limited

Last close: Rs 1,471.15

Initiation range: Rs 1,460-1,470

Target: Rs 1,550

Stop loss: Rs 1,430

Titan has retraced to the support zone of the medium-term moving average(100 EMA) on the daily chart, after retesting the record high last month. It’s a healthy correction and  the stock is now ready for a rebound. We thus advise creating fresh longs in the mentioned zone.

Note: All prices are in Rs

Disclaimer: Ajit Mishra is VP - Research at Religare Broking

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