Web Exclusive
Top stock picks by Religare Broking: Buy Muthoot Finance, Havells India

Representative image
Muthoot Finance

 
Recommendation: Buy 

 
Last Close: 672.80

 
Initiation range: 665-670

 
Target: 710

 
Stop loss: 650

 
After making a record high of late, MUTHOOTFIN has taken a pause and currently consolidating in a range. Considering its chart pattern and overall trend, the recent phase is offering excellent buying opportunity to those who missed the chance earlier. We thus suggest initiating fresh longs as per the recommended levels. 

 
Havells India

 
Recommendation: Buy

 
Last Close: 709.55

 
Initiation range: 705-710

 
Target: 750

 
Stop loss: 690

 
HAVELLS has witnessed decent profit-taking after the sharp rally and retraced close to the support zone of multiple moving averages on the daily chart, offering a fresh buying opportunity. We advise initiating fresh longs as per the given levels.

 
Oil & Natural Gas Corporation

 
Recommendation: Sell Oct Futures

 
Last Close: 129.35

 
Initiation range: 130-132

 
Target: 123

 
Stop loss: 134

 
ONGC has been trading in a downtrend for the last several years and there’s no sign of reversal. After the sharp decline from 180 to roughly 115 levels, it witnessed marginal bounce but couldn’t surpass the hurdle around 140 levels, which result in formation of a fresh shorting pivot. Traders can go short in the mentioned zone.

Bharat Heavy Electricals

 
Recommendation- Sell Oct Futures

 
Last Close: 47.10

 
Initiation range: 48-49

 
Target: 43

 
Stop loss: 51 

 
BHEL has been trading in a downtrend for the last several years and there’s still no change in trend. Though it had made several attempts in the past but in vain as it failed to surpass the critical hurdles and resumed its downtrend. Currently, it is trading on the verge of fresh breakdown from a consolidation range. We thus suggest initiating fresh shorts in the given range

================================

 



Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel