Top trading ideas by Ajit Mishra of Religare Broking: Buy Biocon, TVS Motor


Recommendation: Buy

Last Close: 408.45

Initiation range: 404-407

Target: 425

Stop loss: 396

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, has rebounded after testing the support zone of short-term moving average(50 EMA) on the daily chart and formed a fresh buying pivot.


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

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