Weekly stock picks by Religare Broking: Buy HDFC Bk, Sell ACC Aug Futures

Here are the weekly stock recommendations by Religare Broking

HDFC Bank 
 

Recommendation: Buy 
 

Last Close:  Rs 2,252.25
 

Initiation range: Rs 2,235-2,245
 

Target: Rs 2,340
 

Stop loss: Rs 2,200
 

In line with the others, HDFC Bank has witnessed decent correction from its record high and has tested its crucial support zone of the long term moving average (200 EMA) on the daily chart of late. Indications are in the favor of some consolidation around the current levels, followed by a steady recovery.
 

ACC 
 

Recommendation: Sell Aug Futures
 

Last Close: Rs 1,536
 

Initiation range: Rs 1,545-1550
 

Target: Rs 1,460
 

Stop loss: Rs 1,600
 

We’re seeing a mixed trend in the cement stocks and ACC is trading on the verge of a fresh breakdown after hovering in a narrow range. The chart pattern combined with the positioning of confirmation indicators is pointing towards a sharp decline ahead. We advise traders using this chance and creating fresh shorts in the mentioned zone.
 

Voltas 
 

Recommendation: Sell Aug Futures
 

Last Close: Rs 562
 

Initiation range: Rs 566-570
 

Target: Rs 540

Stop loss: Rs 580
 

VOLTAS has been witnessing profit taking for last one month, after re-testing its record high. It has recently breached the crucial support zone of 200 EMA on the daily chart and is likely to inch further lower in the near future. We advise creating fresh shorts as per the given levels.

IndusInd Bank 
 

Recommendation- Sell Aug Futures
 

Last Close: Rs 1,329
 

Initiation range: Rs 1,340-1,350
 

Target: Rs 1250
 

Stop loss: Rs 1400
 

The recent decline in the banking index has dented sentiment across the board and this stock, too, is facing that heat. Yesterday, on July 30, it plunged sharply and decisively breached the crucial support zone of 200 EMA on the weekly chart. All indications are in favor of further slide ahead. We suggest using any rebound to create fresh shorts in the given range.

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

Disclaimer: https://bsmedia.business-standard.comwww.religareonline.com/disclaimer