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Top stock calls by Religare Broking: Sell July Futures of Tata Chem, BHEL

Religare Broking/Mumbai 10 Jul 19 | 07:43 AM

Colgate Palmolive (India)

Recommendation: Buy 

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Last Close:  Rs 1,164.45

Initiation range: Rs 1,155 - 1,165

Target: Rs 1,240

Stop loss: Rs 1,120

COLPAL looks all set for a rebound and resume its uptrend. It has been consolidating around the support zone of 100 EMA for the last two months and is trading on the verge of a breakout from the same. We advise initiating fresh longs as per the given levels. 

Tata Chemicals

Recommendation: Sell July Futures

Last Close: Rs 592.25

Initiation range: Rs 595 - 600

Target: Rs 560

Stop loss: Rs 615

The stock has been trading in the downtrend since the beginning of the year and is likely to maintain this bias ahead also. It has recently failed to sustain above the resistance zone of 200 EMA on the daily chart and has formed a fresh shorting pivot. We advise creating fresh shorts position as per the levels. 

Indiabulls Housing Finance

Recommendation: Sell July Futures

Last Close: Rs 684.50

Initiation range: Rs 700 - 705

Target: Rs 640

Stop loss: Rs 730

The housing finance's scrip has been trading with a negative bias for the last nine months and there’s no change in the trend yet. After retesting its crucial support around 550 levels, it recovered swiftly but couldn’t surpass the resistance hurdle of 100EMA on the daily chart and formed a fresh shorting pivot. The chart pattern and the overall market scenario are also in sync for a further decline. We advise creating fresh shorts within the given range.

Bharat Heavy Electricals

Recommendation- Sell July Futures

Last Close: Rs 67.40

Initiation range: Rs 68.50 - 69.50

Target: Rs 64

Stop loss: Rs 71

BHEL has recently tested the resistance zone of the declining trend line of around 75 on the weekly chart and has witnessed a sharp decline thereafter. Considering its overall downtrend and existence of multiple hurdles, we advise using any rebound to go short in the given range.


Disclaimer: The analysrt may have positions in one or all of the above mentioned stocks


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