Stock calls by Ajit Mishra of Religare Broking: Buy HDFC Life, Asian Paints




Asian Paints Limited


Recommendation: Buy



Last Close: 2,506.85


Initiation range: 2,470-2,490


Target: 2,680


Stop loss: 2,400


We’ve seen a decent correction in paint stocks from their record high and now they’re hovering in a range. Amongst all, Asian Paints has formed a fresh buying pivot while holding strongly above the support zone of the medium-term moving average (100 EMA) on the daily chart. Traders shouldn’t miss this opportunity and accumulate in the given range.


HDFC Life Insurance Company Limited


Recommendation: Buy


Last Close: 704.90


Initiation range: 698-702


Target: 738


Stop loss: 680


HDFC Life has been strongly maintaining an uptrend for the last one year and is currently trading closer to its record high. In line with the past instance, it surged strongly today on February 9, after an intermediate corrective move. All indications are in the favor of prevailing momentum to continue.


The Ramco Cements Limited


Recommendation: Buy


Last Close: 929.95


Initiation range: 910-920


Target:1040


Stop loss: 860


Most cement stocks are trading at their record high and Ramco Cement is no different. It has also witnessed a breakout from a consolidation phase, after spending nearly two years. The chart pattern combined with noticeable volumes is pointing towards a strong up move ahead. We advise accumulating in the mentioned zone.


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Note: All prices are in Rs


Disclaimer: Ajit Mishra is VP – Research at Religare Broking


http://www.religareonline.com/disclaimer

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