Few trading ideas for Tuesday's session by Religare Securities:
Hero MotoCorp Limited (HEROMOTOCO)
Rec: BUY FUTS
Last Close: Rs 3676
Initiation range: Rs 3660-3670
Target: Rs 3880
Stoploss: Rs 3570
After a strong rally, HEROMOTOCO has been witnessing profit booking and retraced closer to its support zone around Rs 3600. The chart pattern indicates marginal consolidation followed by a strong up move. Thus, traders shouldn’t miss this opportunity and create fresh long in the given range.
Kajaria Ceramics Limited (KAJARIACER)
Last Close: Rs 676.65
Initiation range: Rs 670-680
Target: Rs 740
Stop loss: Rs 648
KAJARIACER rebounded strongly in the previous session from its support zone of medium-term moving averages on daily chart, after consolidating in a broader range for almost two months. Considering its chart pattern, we believe a strong surge is likely in the near-term.
Manappuram Finance Limited (MANAPPURAM)
Last Close: Rs 106.75
Initiation range: Rs 105-107
Target: Rs 120
Stop loss: Rs 101
After a marginal correction from its record high, MANAPPURAM looks all set for a fresh up move. Existence of strong support around Rs 102 combined with buoyancy in financial space is adding to the positivity. Traders can accumulate in the given range.