Buy IndusInd Bank, Sun Pharmaceutical Industries, says Religare Broking Stock Market Advice
IndusInd Bank Limited Rec: BUY Last Close: Rs 1,607.90 Initiation range: Rs 1,600-1,610 Target: Rs 1,740 Stop loss: Rs 1,530 INDUSINDBK has witnessed decent profit taking from its record high and currently hovering around the support area of 100 EMA on the weekly chart. Considering its chart pattern and oversold positions, we expect marginal consolidation followed by strong rebound ahead. The rise in volume also indicates buying interest. We advise traders to use this phase and accumulate in the given range. Sun Pharmaceutical Industries Limited Rec: Buy Last Close: Rs 609.75 Initiation range: Rs 605- Rs 610 Target: Rs 645 Stop loss: Rs 588 In line with other pharma majors, SUNPHARMA has also rebounded strongly of late, after retesting its crucial price support zone around 430 levels and witnessed breakout from a bullish reversal pattern. Currently, it has been consolidating near its support zone of short moving averages (50/100) EMA’s on the daily chart, offering an opportunity for fresh buying. ACC Limited Rec: Sell October Futures Last Close: Rs 1,464.70 Initiation range: Rs 1,480- Rs 1,490 Target: Rs 1,410 Stop loss: Rs 1,520