Biocon Limited
Recommendation: Buy
Last Close: 408.45
Initiation range: 404-407
Target: 425
Stop loss: 396
Biocon has been consolidating in a range for the last two months, after a sharp decline from its record high. The recent price action indicates that bears have lost the steam and the stock is set for a rebound. The favorable indication from the pharma index is added positive. Traders can consider fresh long positions in the mentioned zone.
The Ramco Cements Limited
Recommendation: Buy
Last Close: 985.70
Initiation range: 970-980
Target: 1,050
Stop loss: 940
The cement stocks have been showing tremendous resilience amid volatility across the board and mostly are trading closer to their record highs. Among the counters, Ramco cement has rebounded after testing the support zone of short-term moving average(50 EMA) on the daily chart and formed a fresh buying pivot.
TVS Motor Company Limited
Recommendation: Buy
Last Close: 575.20
Initiation range: 560-570
Target: 610
Stop loss: 550
Most auto stocks are seeing correction and TVS Motors is no different. It has witnessed decent profit-taking in the last one and a half months and currently hovering in a range. The existence of the support zone around 550 levels combined with the possibility of rebound from the auto index is pointing towards a steady rebound ahead.
==================================
Note: All prices are in Rs
Disclaimer: Ajit Mishra is VP – Research at Religare Broking
http://www.religareonline.com/disclaimer
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