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Trading ideas by Religare Broking: Sell Hindalco, TVS Motor futures

After a sharp correction, ACC has been rebounding for the last three months
ACC Limited

Recommendation: Buy 

Last Close: Rs 1,332.25

Initiation range: Rs 1,325-1,335

Target: Rs 1,450

Stop loss: Rs 1,275

After a sharp correction, ACC has been rebounding for the last three months. On June 30, the stock posted a fresh breakout from a consolidation range and also surpassed the major hurdle of 200 EMA on the daily chart. The breakout was supported by a strong rise in volume, adding to the confirmation. We, thus, advise creating fresh longs as per the given levels.

Hindalco Industries Limited

Recommendation: Sell July Futures

Last Close: Rs 147.20

Initiation range: Rs 149-151

Target: Rs 135

Stop loss: Rs 156

We’re seeing a mixed trend in metal space but mostly counters are witnessing profit-taking. Hindalco has also retraced marginally, after retesting the resistance zone of 200 EMA on the daily chart and is likely to inch further lower in the near future. We suggest traders using this shorting opportunity and initiate fresh shorts on the bounce in the given range. 

Recommendation- Sell July Futures 

Last Close: Rs 375.05

Initiation range: Rs 380-382

Target: Rs 362

Stop loss: Rs 390

In line with the other auto majors, TVSMOTOR has also recovered strongly in the last three months but it couldn’t surpass the resistance zone of the long-term moving average on the daily chart. It’s currently hovering around that zone and is likely to see some profit-taking ahead. Traders can use any rebound to create shorts in the mentioned range. 



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