Lupin, Reliance Industries: Stock picks by Ajit Mishra of Religare Broking


Recommendation: Buy

Last Close: 1,089.20

Initiation range: 1,070-1,080

Target: 1,160

Stop loss:1,030

We’re seeing consistent buying interest in the pharma pack and is also catching up with the other pharma majors. It has witnessed a decent recovery in the last two months after forming a strong base on the weekly chart around the 880 zone. It’s currently trading around the previous swing high and is likely to surpass this hurdle soon. Traders can create fresh longs in the given range.


Recommendation: Buy

Last Close: 2,016.40

Initiation range: 2,000-2,010

Target: 2,190

Stop loss: 1,910

Reliance has witnessed a breakout after spending nearly two months in a consolidation range. It formed a strong base while holding strongly above the support zone of the long term moving average (200 EMA) on the daily chart. The overall chart pattern, combined with its positioning on multiple timeframes, indicate a steady upmove from hereon. Traders shouldn’t miss this opportunity and accumulate in the mentioned zone.

RadicoKhaitan Limited

Recommendation: Buy

Last Close: 517.55

Initiation range: 510-520

Target: 575

Stop loss: 485

Radico has gained noticeable traction in the last ten months and has doubled the investors’ money in such a short period. Importantly, it’s currently trading closer to its record high and has also ended the 2-year long consolidation phase of late. All indications are in favour of the prevailing buoyancy to continue. We thus suggest creating fresh longs in the given range.


Note: All prices are in Rs

Disclaimer: Ajit Mishra is VP – Research at Religare Broking

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link