Weekly stock picks by Religare Broking: Buy Bharat Forge, IndusInd Bank

Among the private banking names, IndusInd Bank has been trading in a congestion zone and its chart pattern is showing the potential of a breakout in near future

Amara Raja Batteries Limited
 

Recommendation: Buy 

Last Close: 733.70

Initiation range: 728-733

Target: 785

Stop loss:700

Amara Raja has made a strong comeback after the slide in March month and has retested the previous swing high around 740 levels. Currently, it's hovering in a range and recently tested the support zone of the medium-term moving average(100 EMA) on the daily chart. Indications are in the favor of sharp rebound thus we advise creating longs in the given range.

Bharat Forge Limited

Recommendation: Buy

Last Close: 461.15

Initiation range: 456-460

Target: 488

Stop loss: 443

Bharat Forge has been