Weekly stock picks by Religare Broking: Buy Ajanta Pharma, Dabur India

Ajanta Pharma's stock has seen a fresh breakout from the trading range of roughly 1350-1480 levels

Buy Ajanta Pharma Limited

Last Close: Rs 1,477.50

Initiation range: Rs 1,460-1,470

Target: Rs 1,550

Stop loss: Rs 1,420

Unlike the majority pharma counters, AJANTHPHARM has been witnessing steady up move after the breakout from its one and a half year long consolidation phase. In yesterday's session, the stock saw a fresh breakout from the trading range of roughly 1350-1480 levels and is likely to see a fresh surge. We thus advise traders to create fresh longs as per the given levels.
 

Buy Indraprastha Gas Limited

Last Close: Rs 448

Initiation range: Rs 442-446

Target: Rs 470

Stop loss: Rs 432

IGL has been witnessing profit taking for the last three weeks, after making a record high at 534.20 on February 7, 2020. It has reached closer to the support zone of 100 EMA on the daily chart and indications are in the favor of marginal consolidation around that zone, followed by the resumption of the uptrend. Traders can accumulate in the given range. 
 

Buy Dabur India Limited

Last Close: Rs 506.60

Initiation range: Rs 502-505

Target: Rs 528

Stop loss: Rs 490

Dabur, after the sharp surge from 446 to 523 levels, has retraced marginally of late and is currently hovering in a narrow range around the support zone placed around 50 EMA on the daily chart. Indications are in the favor of the fresh up move in the near future. We thus advise accumulating within the mentioned zone.
 

Sell March Futures of RBL Bank Limited

Last Close: Rs 289.80

Initiation range: Rs 293-295

Target: Rs 275

Stop loss: Rs 302

We’re seeing a mixed trend within the private banking pack and RBL Bank is in a downtrend. After forming a new record low at 230.55 level, it witnessed sharp rebound but couldn’t surpass the hurdle of 100 EMA on the daily chart and started drifting lower again. The recent bounce is offering an opportunity for those who missed the chance earlier.

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Disclaimer: The analyst may have positions in one or all of the above mentioned stocks