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Trading strategies by Religare Broking: Buy Indian Oil Corporation, Titan

IOC surged strongly on July 21, posting a fresh breakout from a month-long consolidation phase
Indian Oil Corporation Limited

 
Recommendation: Buy 

 
Last Close: 93.45

 
Initiation range: 91-92

 
Target: 102

 
Stop loss:87

 
IOC surged strongly on July 21, posting a fresh breakout from a month-long consolidation phase. Besides, the energy index has also witnessed a fresh breakout, which further adds to the confirmation. Put together, we are anticipating the momentum to continue ahead thus traders can initiate fresh longsin the given range.

 
Titan Company Limited

 
Recommendation: Buy

 
Last Close: 1,015.15

 
Initiation range: 1,000-1,015

 
Target: 1,110

 
Stop loss: 970

 
TITAN has been trading within 940-1030 zone for almost one and a half months, taking a pause after a sharp rebound. It has again reached closer to the upper band of the range and indications are in the favor of breakout this time. We advise traders to accumulate in the mentioned zone. 

 
DLF Limited

 
Recommendation: Sell July futures

 
Last Close: 143.50

 
Initiation range: 144-146

 
Target:136

 
Stop loss: 150

 
Most of the Realty counters are in a prolonged downtrend and DLF is no different. After its failed attempt to surpass the resistance zone of 200 EMA on the daily chart, it has been gradually inching lower. The recent uptick is offering an opportunity to create fresh shorts.

 
Recommendation: Sell July Futures 

 
Last Close:967.90

 
Initiation range: 975-980

 
Target: 910

 
Stop loss:1015

 
IndiGo has been gradually inching lower since March 2020, after a breakdown from a distribution pattern. Though it attempted to reverse in June 2020 but failed and resumed the prevailing downtrend. The chart pattern and existence of multiple hurdles are pointing towards a gradual decline ahead. We thus advise initiating fresh shorts in the given range.

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Disclaimer: All the prices are in rupee denomination. 

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