Trading ideas from Religare Securities for today’s trade:
Bajaj Auto Limited - BUY
Close: Rs 2,867.75
Initiation range: Rs 2,865-2,875
Target: Rs 2,820
Stop loss: Rs 2,980
Among the auto stocks, Bajaj-auto has been gradually inching higher while sustaining above its long term averages.
It’s currently trading around the support area of multiple moving averages and formed a fresh buying pivot on daily chart. Indications from the auto index chart is also favouring strong surge ahead.
Traders should accumulate fresh in the range of 2865-2875 with a closing stop loss of 2820 for the target of 2980.