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Weekly stock picks by Religare Broking: Buy IndusInd Bank, Asian Paints

Buy IndusInd Bank Limited
Last Close: Rs 1,544.70
Initiation range: Rs 1,520-1,530
Target: Rs 1,590
Stop loss: Rs 1,500

INDUSINDBK is witnessing marginal profit taking of late, after the gradual rise from roughly 1,190 to 1,600-mark. We feel it’s a healthy correction and it would resume the uptrend soon. The overall buoyancy in the private banking space is an added positive. Participants should use further dip to create fresh longs in the given range.

Buy Asian Paints Limited
Last Close: Rs 1,736.45
Initiation range: Rs 1,725-1,735
Target: Rs 1,800
Stop loss: Rs 1,700

ASIANPAINT is witnessing a rebound after spending nearly a week around the support area of 100 EMA on the daily chart. It was a marginal profit taking phase and the chart pattern now indicates resumption of the up move. We thus suggest initiating fresh longs in the given range.

Sell December Futures of Piramal Enterprises Limited
Last Close: Rs 1,702
Initiation range: Rs 1,725-1,735
Target: Rs 1,620
Stop loss: Rs 1,785
PEL has been trading with corrective bias for the last one year or so and currently hovering below the moving averages ribbon the multiple time frames. It has witnessed a fresh breakdown from a congestion zone today i.e. December 3 and is likely to see fresh decline. We suggest using any rebound to go short in the mentioned zone.

Sell December Futures of Apollo Tyres Limited
Last Close: Rs 165.70
Initiation range: Rs 167-168
Target: Rs 160
Stop loss: Rs 172

APOLLOTYRE has been trading with a negative bias for the last one year or so. Though it had made attempts to reverse the trend multiple times, it couldn’t surpass the hurdle of long-term moving average i.e. 200 EMA on the daily chart. It has formed a fresh shorting pivot and is likely to see sharp decline in near future. We recommend creating shorts in the given range.

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Disclaimer: Views expressed are the author’s own.

Source: Maalaimalar