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Trading calls by Ajit Mishra of Religare Broking: Buy Cipla, Eicher Motors

The recent dip in the last two sessions should be considered as a buying opportunity in Cipla
Cipla Limited

 
Recommendation: Buy 

Last Close: Rs 827.95

Initiation range: Rs 820-825

Target: Rs 860

Stop loss: Rs 805

 
We're seeing noticeable traction in pharma counters and Cipla is among the top performers. It has recently witnessed a breakout from a consolidation range of 725-800 zone after spending nearly 4 months. The recent dip in the last two sessions should be considered as a buying opportunity.

 
Recommendation: Buy

Last Close: Rs 511.10

 
Initiation range: Rs 500-505

 
Target: Rs 538

 
Stop loss: Rs 485

 
After retesting its record high in November, IGL has been consolidating in a narrow range while holding strongly above the support zone of short term moving averages. It has formed a continuation pattern on the daily chart and trading on the verge of a breakout from the same. Traders shouldn’t miss this chance and accumulate in the mentioned zone.

 
Eicher Motors Limited

 
Recommendation: Buy

 
Last Close: Rs 2,460.55

 
Initiation range: Rs 2,435-2,450

 
Target: Rs 2,630

 
Stop loss: Rs 2,340

 
Eicher Motors has been witnessing profit taking for the last one month, after a strong surge from 2200 to 2690+ zone. It has formed a base above the support zone of the short-term moving average(50 EMA) on the daily chart and likely to see a gradual recovery from hereon. We believe it’s a healthy correction and traders should use this phase to create fresh long positions in the mentioned zone.




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