Technical calls by Religare Broking: Buy Hero MotoCorp, Marico and IGL

Here are the top trading ideas by Religare Broking.

Hero MotoCorp Limited

Recommendation: Buy

Last Close: Rs 2,657.20

Initiation range: Rs 2,635 - Rs 2,645

Target: Rs 2,775

Stop loss: Rs 2,580

Like other auto majors, Hero MotoCorp has been underperforming for last one year. It has recently tested the monthly support zone around Rs 2,500 and rebounding gradually since then. The positive divergence between the price chart and relative strength index (RSI) oscillator is indicating possible reversal ahead. We advise initiating fresh longs in the given range.

Marico Limited

Recommendation: Buy

Last Close: Rs 361.35

Initiation range: Rs 360-362

Target: Rs 382

Stop loss: Rs 350

Marico has formed a fresh buying pivot of late, after hovering in a narrow range