Top technical calls by Religare Broking for today: Buy Tech Mahindra

Tech Mahindra
Rec: BUY 
Last Close: Rs 763.90
Initiation range: Rs 755-760
Target: Rs 800
Stop loss: Rs 720

Tech Mahindra is one of the strongest counters in IT space and it’s trading closer to its record high. It has recently witnessed a breakout from a prolonged consolidation phase of late and looks upbeat for fresh up move. Traders are advised to initiate fresh long positions in the given range.

Adani Ports has been consolidating in a broader range for last seven months, after making a record high in January 2018. Currently, it’s trading in the middle of the range and formed a fresh shorting pivot. We advise traders to use any technical bounce to go short in the given range.

Oil & Natural Gas Corporation
Last Close: Rs 174.05 
Initiation range: Rs 176-178
Target: Rs 164
Stop loss: Rs 182

After retesting its monthly support zone around 150, ONGC has witnessed a decent recovery in the last two months but failed to cross the major resistance around 180, resulting in the formation of a fresh shorting pivot. We advise creating fresh shorts in the given range.

Shriram Transport Finance Company 
Last Close: Rs 1,298.25
Initiation range: Rs 1,310-1,320
Target: Rs 1,220
Stop loss: 1,360

Shriram Transport Finance Company has been struggling around the resistance zone of multiple moving averages for last three weeks or so and now trading on the verge of a fresh breakdown. We advise using any uptick to create fresh shorts in the given range.

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