Weekly stock suggestions by Religare Broking: Buy TVS Motors, Sun Pharma



Sun Pharmaceutical Industries Limited


Recommendation: Buy


Last Close: 539.35




Initiation range: 535-540


Target: 575


Stop loss:520


Sun Pharma has witnessed a breakout from an inverted head and shoulder pattern (acting as continuous) on December 1, after spending nearly 3 months in a consolidation range. The price surge was accompanied by a noticeable rise in volume adding to the confirmation. Traders shouldn’t miss this buying opportunity and create fresh longs in the given range.


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ICICI Prudential Life Insurance Company Limited


Recommendation: Buy


Last Close: 457.35


Initiation range: 455-460


Target: 500


Stop loss: 440


ICICI Prudential has been hovering in a range of 440-460 for the last two weeks while holding strongly above the support zone of multiple moving averages on the daily chart. Indications are now in the favor of breakout in the near future. We thus advise accumulating in the mentioned zone.


TVS Motor Company Limited


Recommendation: Buy


Last Close: 500.35


Initiation range: 495-500


Target: 530


Stop loss: 480


We’re seeing noticeable traction in the auto pack and TVS Motor has also joined the league. It has witnessed a breakout from a flag pattern(indicates pause after a sharp directional move) and likely to march strongly northward in days to come.


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Note: All prices are in rupees


Disclaimer: Ajit Mishra is VP – Research at Broking


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