Weekly stock picks by Religare Broking: Buy Godrej Consumer, Hero MotoCorp

Godrej Consumer's stock has been trading with a corrective bias for the last three weeks

Buy Godrej Consumer Products Limited

Last Close: Rs 677.45

Initiation range: Rs 670-675

Target: Rs 715

Stop loss: Rs 655

After an up move from 600 to 720 levels, GODREJCP has been trading with a corrective bias for the last three weeks. It has tested the support zone around 660 of late and indications are now in the favor of a rebound. Traders are advised to initiate fresh longs in the given range.

Buy Hero MotoCorp Limited

Last Close: Rs 2,841.25

Initiation range: Rs 2,820- Rs 2,830

Target: Rs 2,980

Stop loss: Rs 2,750

We’re seeing consistent buying interest in the auto pack and the two-wheeler segment is leading the surge. Among all, HEROMOTOCO has formed a fresh buying pivot on the daily chart, after a marginal dip. The chart pattern is pointing towards a steady rise ahead. We, thus, suggest traders not to miss this chance and accumulate fresh longs within the mentioned zone.

Buy Sun Pharmaceutical Industries Limited

Last Close: Rs 482.60

Initiation range: Rs 478- Rs 482

Target: Rs 505

Stop loss: Rs 465

SUNPHARMA has been consolidating in a range of 465-510 levels for the past two months or so while holding strongly above the support zone of the long-term moving averages on the daily chart. Recently, it has retested the lower band of the range and is likely to see a fresh rebound ahead. We, thus, advise creating fresh longs as per the mentioned levels. 

Buy Tata Consultancy Services Limited

Last Close: Rs 2,310.20

Initiation range: Rs 2,280- Rs 2,300

Target: Rs 2,450

Stop loss: Rs 2,220

The IT majors are leading the recent up move in the benchmark index and TCS looks upbeat to continue the prevailing momentum. It has witnessed a fresh breakout on Tuesday (i.e. July 28), after spending nearly two weeks in consolidation. We advise initiating fresh longs in the given range.

Disclaimer: All the prices are in rupee denomination.

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