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Technical calls by Religare Broking: Buy SBI and Century Textiles

Religare Broking/Mumbai 15 May 19 | 06:44 AM

State Bank of India


Recommendation: Buy

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Last Close: Rs 314.65


Initiation range: Rs 309-313


Target: Rs 330


Stop loss: Rs 302


Unlike other PSU bank majors, State Bank of India (SBI) has been trading strong while holding firmly above the support zone of major moving averages. It has recently tested crucial support zone around Rs 290 and rebounded sharply thereafter. The chart pattern combined with positioning of oscillators is pointing towards strong up move in near future. We advise initiating fresh longs in the given range.


Century Textiles and Industries


Recommendation: Buy


Last Close: Rs 907.15


Initiation range: Rs 900-905


Target: Rs 950


Stop loss: Rs 880


Century Textiles, after a strong surge, has been consolidating in a range for last two months while forming a strong base around the support zone of multiple moving averages i.e. (200/100/50) EMA on daily chart. Indications are in favour of fresh up move ahead. We advise accumulating in the given range.


Strides Pharma Science


Recommendation: Sell May Futures


Last Close: Rs 439.95


Initiation range: Rs 445-450


Target: Rs 410


Stop loss: Rs 465


In line with other pharma counters, Strides Pharma Science has also witnessed sharp decline of late and looks weak overall. Besides, it’s trading on the verge of breakdown from a consolidation pattern. We recommend using any bounce to create fresh shorts in the given range.


ICICI Bank


Recommendation- Sell May Futures


Last Close: Rs 383.40


Initiation range: Rs 382-386


Target: Rs 360


Stop loss: Rs 394


Most private bank majors are seeing decline and ICICI Bank is no different. It has recently witnessed breakdown from a consolidation range, after spending nearly one and half month. The chart pattern and positioning of indicators are signalling further fall ahead. We advise initiating fresh shorts position as per the mentioned levels.


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Disclaimer: The brokerage may have positions in any or all the stocks mentioned above.

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