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Stock calls by Religare Broking: Buy M&M Fin Serv, Apollo Hospitals, Bata

Religare Broking/Mumbai 12 Jun 19 | 06:46 AM

Mahindra & Mahindra Financial Services Limited


Recommendation: Buy

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Last Close: Rs 426.60


Initiation range: Rs 418-422


Target: Rs 445


Stop loss: Rs 410


M&MFIN has retraced marginally of late, after swift rebound from the support zone of long term moving averages i.e. 200-EMA (exponential moving average) on the weekly chart. Existence of strong support combined with favourable reading from the oscillators is pointing towards steady rise in near future. We advise creating fresh longs within the given range.


Apollo Hospitals Enterprise Limited


Recommendation: Buy


Last Close: Rs 1,379.95


Initiation range: Rs 1,370-1380


Target: Rs 1,480


Stop loss: Rs 1,330


APOLLOHOSP has surged strongly of late, after spending nearly four months around the support zone of long-term moving averages. Currently, it has taken a pause, offering fresh buying opportunity to those who missed earlier. The chart pattern and oscillators are also indicating further up move. We advise initiating fresh longs within the given levels.


Bata India Limited


Recommendation: Buy


Last Close: Rs 1,420.85


Initiation range: Rs 1,405-1415


Target: Rs 1,500


Stop loss: Rs 1,375


BATAINDIA had retraced marginally from its record high and consolidated within Rs 1,300 - Rs 1,400 range for nearly a month. Recently, it has posted breakout from the same with decent rise in volume and looks upbeat to maintain the positive momentum.


TVS Motor Company


Recommendation: Sell June Futures


Last Close: Rs 477.10


Initiation range: Rs 482-486


Target: Rs 460


Stop loss: Rs 494


Mostly, auto counters are struggling and TVS Motors is no different. After making a record high in January 2018, it has been continuously trading in a declining trend. Though, it had made several attempts in the past one year but couldn’t surpass the hurdle of 200-day EMA on daily chart. The current chart pattern indicates further fall in near future. We advise initiating fresh shorts on bounce as per the mentioned levels.


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


http://www.religareonline.com/disclaimer

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