Weekly stock picks by Religare Broking: Buy Bajaj Finance, Biocon, IGL

Here are the weekly stock recommendations by Religare Broking

Buy Bajaj Finance Limited

Last Close: Rs 3,357.75

Initiation range: Rs 3,325-Rs 3,335

Target: Rs 3,520

Stop loss: Rs 3,240
 

Bajaj Finance has swiftly rebounded of late, after retesting its crucial support zone of 200 EMA on daily chart. Indications are in the favour of minor pause, followed by further up move. We advise accumulating within the given range. 

Buy Biocon Limited

Last Close: Rs 228.85

Initiation range: Rs 225-228

Target: Rs 242

Stop loss: Rs 220
 

BIOCON has witnessed a decent correction from the top and has now retraced closer to its major support zone of long term moving averages (200 EMA) on weekly chart. It’s has been consolidating around the same for nearly a month or so and is likely to see fresh surge in near future. An oversold positions combined with existence of major support is adding to the positivity. We advise creating fresh longs in the mentioned zone.

Buy Indraprastha Gas Limited

Last Close: Rs 330.05

Initiation range: Rs 326-329

Target: Rs 355

Stop loss: Rs 314
 

IGL has swiftly rebounded of late and now gradually inching towards its record high, after retesting its crucial support zone of 200 EMA on the daily chart. It has taken a pause of late, providing an opportunity to create fresh longs. The chart pattern and positioning of confirmation indicators are also pointing towards an up move ahead. We advise initiating fresh longs within the mentioned zone.

Buy TVS Motor Company Limited 

Last Close: Rs 370.35

Initiation range: Rs 365-367

Target: Rs 385

Stop loss: Rs 354

After a decent correction from its record high, TVS Motor has been hovering in a range for last one month around its crucial support zone at 350 levels. Considering the overall chart pattern and oversold positions, we expect a rebound in near future. We advise accumulating within the given range. 

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

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