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Ambuja Cements Limited
Recommendation: Sell December Futures
Last closing: 379.05
Initiation range: 381-383
Target: 365
Stop loss: 390
Most of the cement counters have seen profit taking and AMBUJACEM is trading in sync with the others. After a steep decline, it has seen a marginal rebound lately but failed to break through the resistance area around 385 levels. Evidence points to a resumption of decline in the near future. We therefore recommend that you create cool shorts in the mentioned area.
Biocon Limited
Recommendation: Buy
Last closing: 378.15
Initiation range: 374-377
Target: 398
Stop loss: 365
BIOCON has seen a decent correction over the past year, having hit a record high of 487.75 in December 2020. Recently, it broke through the resistance area of ​​the Long Term Moving Average (200 EMA) on the daily chart and also broke the downward trend. also. The graphical pattern now shows a gradual recovery from here on out. So we advise you to accumulate fresh long positions in the given range.
Bandhan Bank Limited
Recommendation: Sell December Futures
Last close: 279.95
Initiation range: 285-288
Target: 270
Stop loss: 298
BANDHNABNK has underperformed the banking index and is still struggling below the resistance zone of the band of moving averages over several time periods. It dipped sharply after the unsuccessful attempt to break through the resistance zone around 310 levels recently and formed a new shorting pivot. We therefore advise you to create new shorts in the mentioned area.
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Note: All prices are in Rs
Disclaimer: Ajit Mishra is Vice President – Research at Religare Broking.
http://www.religareonline.com/disclaimer
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