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Weekly stock picks by Religare Broking: Buy Tech Mahindra, PVR Limited

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Last Close: Rs 575.70

Initiation range: Rs 570-575

Target: Rs 610

Stop loss: Rs 560

CONCOR has retraced considerable from its record high and reached closer to the support zone of medium term moving average (100 EMA) on the daily chart. After spending nearly three weeks around that zone, it looks all set for a fresh surge. We suggest traders to use this chance and initiate fresh longs as per the mentioned levels.

Buy Tech Mahindra Limited

Last Close: Rs 777.35

Initiation range: Rs 770-775

Target: Rs 800

Stop loss: Rs 760

TECHM has been hovering in a range of 730-785 for the past one month. While the other IT counters are witnessing volatile swings or reeling under pressure, it’s comfortably holding above the support zone of multiple moving averages on the daily chart. All indications are pointing towards fresh breakout from the prevailing range in the near future. We advise initiating fresh longs as per the given levels.

Buy PVR Limited

Last Close: Rs 1,793.60

Initiation range: Rs 1,785-1,795

Target: Rs 1,885

Stop loss: Rs 1,750

After making a record high, PVR has retraced marginally of late and is currently consolidating while holding firmly above the support zone of 100 EMA on the daily chart. Considering its chart pattern and overall trend, we expect a strong surge ahead. We thus advise accumulating fresh longs in the mentioned zone.

Sell December Futures of Grasim Industries Limited

Last Close: Rs 773.85

Initiation range: Rs 769-774

Target: Rs 740

Stop loss: Rs 786

Grasim has been trading in a downtrend for the last one and a half year. Though it has witnessed counter moves in-between, it has failed to reverse the trend. In line with the past instances, it has made an attempt to surpass the hurdle of multiple moving averages of late but failed and that has resulted in formation of a fresh shorting pivot as well.

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