Ajit Mishra is bullish on Amara Raja, Cummins and PFC. Check why
AMARA RAJA BATTERIES
Last closing: Rs 724.45
Initiation range: Rs 715-720
Target: Rs 760
Stop loss: Rs 695
Amara Raja Batteries is trading with a corrective bias over the past eight months and recently tested the main support area around the Rs 690 levels. Oversold positions combined with the existence of strong support around current levels indicate the possibility of a strong rebound to come. Traders should not miss this opportunity and create new longs in the mentioned area.
Last closing: Rs 909.70
Initiation range: Rs 905-910
Target: Rs 980
Stop loss: Rs 875
Cummins India witnessed a breakout of a cup and handle model on August 3, with a noticeable increase in volumes. All indications are in favor of a strong push ahead. We therefore recommend creating long charges in the mentioned area.
FINANCE POWER CORPORATION
Last closing: Rs 132
Initiation range: Rs 129-132
Target: Rs 144
Stop loss: Rs 126
PFC recently witnessed a break in a consolidation range and also hit a new high. The chart pattern indicates the dominant uptrend to continue with intermediate lows. We advise to build up gradually within the given range.
Disclaimer: Ajit Mishra is Vice President – Research at Religare Broking.
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