Trading tips by Ajit Mishra of Religare Broking: Buy Lupin, LIC Housing Fin

ICICI Prudential Life Insurance Company Limited
 

Recommendation: Buy 

Last Close: 490.75

Initiation range: 485-490

Target: 540

Stop loss:470

ICICI Prudential has been witnessing correction for the last one month, after testing the record highs. It retraced to the support zone of the medium-term moving average (100 EMA)on the daily chart and formed a base. It looks upbeat to resume the trend now so traders can initiate fresh longs in the mentioned zone.

Lupin Limited
 

Recommendation: Buy

Last Close: 1096.80

Initiation range: 1080-1090

Target: 1150

Stop loss: 1050

We’re seeing consolidation in the pharma majors and Lupin is trading in line with the trend. It has formed a fresh buying pivot on the daily chart, after hovering in a range of 980-1115 levels. The chart formation and positioning of the confirmation indicators are pointing towards a strong up move ahead. 

LIC Housing Finance Limited
 

Recommendation: Buy

Last Close: 469.80

Initiation range: 470-474

Target: 520

Stop loss: 450

LIC Housing Finance has witnessed a fresh breakout of late, after spending nearly a month in a consolidation range. Besides, it has also surpassed the hurdle of the declining trendline on the weekly chart. All indications are in the favor of prevailing momentum to continue. Traders should not miss this opportunity and accumulate in the mentioned range.

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Note: All prices are in Rs
 

Disclaimer: Ajit Mishra is VP - Research at Religare Broking

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