Ajit Mishra is bullish on Amara Raja, Cummins and PFC. Check why

AMARA RAJA BATTERIES

Recommendation: Buy

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.

CUMMINS INDIA

Recommendation: Buy

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

Recommendation: Buy

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.

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Disclaimer: Ajit Mishra is Vice President – Research at Religare Broking.

http://www.religareonline.com/disclaimer

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