Target: Rs 1,550
Unlike the majority pharma counters, AJANTHPHARM has been witnessing steady up move after the breakout from its one and a half year long consolidation phase. In yesterday's session, the stock saw a fresh breakout from the trading range of roughly 1350-1480 levels and is likely to see a fresh surge. We thus advise traders to create fresh longs as per the given levels.
Buy Indraprastha Gas Limited
Initiation range: Rs 442-446
IGL has been witnessing profit taking for the last three weeks, after making a record high at 534.20 on February 7, 2020. It has reached closer to the support zone of 100 EMA on the daily chart and indications are in the favor of marginal consolidation around that zone, followed by the resumption of the uptrend. Traders can accumulate in the given range.
Initiation range: Rs 502-505
Dabur, after the sharp surge from 446 to 523 levels, has retraced marginally of late and is currently hovering in a narrow range around the support zone placed around 50 EMA on the daily chart. Indications are in the favor of the fresh up move in the near future. We thus advise accumulating within the mentioned zone.
Sell March Futures of RBL Bank Limited
Initiation range: Rs 293-295
We’re seeing a mixed trend within the private banking pack and RBL Bank is in a downtrend. After forming a new record low at 230.55 level, it witnessed sharp rebound but couldn’t surpass the hurdle of 100 EMA on the daily chart and started drifting lower again. The recent bounce is offering an opportunity for those who missed the chance earlier.