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




Limited


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.


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.






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Note: All prices are in Rs


Disclaimer: Ajit Mishra is VP – Research at Religare Broking


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