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Indraprastha Gas Limited
Recommendation: Buy
Last closing: Rs 549.95
Initiation range: Rs 545-550
Target: Rs 580
Stop loss: Rs 534
IGL has witnessed a break in the consolidation range from Rs 500 to 545 levels after spending almost four months there. It has formed a solid base while remaining above the medium term moving average (100 EMA) support area on the daily chart. The recent increase in volumes further adds to the confirmation. We therefore recommend to accumulate in the mentioned area.
Info Edge (India) Limited
Recommendation: Buy
Last closing: Rs 4,952.85
Initiation range: Rs 4,900-4,940
Target: 5,200 rupees
Stop loss: Rs 4,750
Info Edge (Naukri) has consolidated over the past six months after hitting a new high at levels of Rs 5,868 in January 2021. It tested the support area of ââthe long-term moving average (200 EMA) at twice during this phase and rebounded sharply thereafter. It is currently hovering in a narrow range and should soon exceed the resistance zone of the previous high of Rs 5088. We advise you to use any dip in the mentioned zone to create long charges.
Sun Pharmaceutical Industries Limited
Recommendation: Buy
Last closing: Rs 677.60
Initiation range: Rs 670-675
Target: Rs 695
Stop loss: Rs 664
Sun Pharma has been trading in a steady uptrend since July 2020 and hit a new 52-week high of Rs 721.85 in May 2021. After a marginal correction over the past few and a half months, it looks set to resume the uptrend . The recent dynamism of the pharmaceutical package is an additional advantage. Traders may consider initiating long positions within the given range.
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Disclaimer: Ajit Mishra is Vice President – Research at Religare Broking
https://www.religareonline.com/disclaimer
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