Top trading ideas by Ajit Mishra of Religare Broking: Buy Airtel, HDFC Life



Bharti Airtel


Recommendation: Buy


Last Close: Rs 546.80







Initiation range: Rs 540-545


Target: Rs 570


Stop loss: Rs 530


Bharti has started rebounding of late after retesting the major support zone of the long-term moving average (200 EMA) on the daily chart. The chart formation on multiple time frames is pointing towards a gradual recovery ahead. We thus advise creating fresh longs in the mentioned zone.


Company


Recommendation: Buy


Last Close: Rs 689.70


Initiation range: Rs 680-686


Target: Rs 705


Stop loss: Rs 675


HDFC Life has formed a strong base after hovering in a narrow range for nearly a month and looks set to reverse the short-term downtrend. It’s trading on the verge of a declining trendline breakout on the daily chart. Traders should not miss this opportunity and accumulate within the given range.


L&T Finance Holdings


Recommendation: Buy


Last Close: Rs 96.60


Initiation range: Rs 95-97


Target: Rs 104


Stop loss: Rs 93


L&T Finance Holdings has been witnessing recovery after retesting the major support zone of long-term moving average (200 EMA) on the daily chart. The chart pattern and existence of a strong support zone around 90 levels, makes it an ideal candidate for taking fresh long positions on the counter.

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Disclaimer: Ajit Mishra is VP – Research at Religare Broking.

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