Technical calls by Religare Broking: Buy Indian Oil Corporation, Lupin

Here are the top trading ideas by Religare Broking.

1. Indian Oil Corporation Limited

Recommendation: Buy

Last Close: Rs 158.05

Initiation range: Rs 155-157

Target: Rs 165

Stop loss: Rs 153

IOC has been gradually inching higher for the last two months, after retesting its monthly support zone. Currently, it’s trading well above the support zone of long term averages on the daily chart and has formed a fresh buying pivot. Its current chart pattern combined with positioning of indicators is adding to the confirmation. We advise initiating fresh longs in the given range.

2. Housing Development Finance Corporation Limited

Recommendation: Buy

Last Close: Rs 1,995.05

Initiation range: Rs 1,980-1990

Target: Rs 2,080

Stop loss: Rs