Gail India, Indraprastha Gas have given a fresh breakout, says Ajit Mishra

Limited

Recommendation: Buy

Last Close: Rs 221.05

Initiation range: Rs 218-220

Target: Rs 234

Stop loss: Rs 213

We’re seeing noticeable traction in tyre stocks with the rebound in the auto counters. Apollo Tyre has been witnessing a gradual up move after retesting the major support zone of long term moving average (200-EMA). Indications are in the favour of a steady rise from hereon.

GAIL (India) Limited

Recommendation: Buy

Last Close: Rs 156

Initiation range: Rs 152-155

Target: Rs 166

Stop loss: Rs 149

GAIL has witnessed a breakout from a congestion zone, after spending nearly 3 months in a corrective phase. The sharp surge in volumes combined with the existence of a strong support zone of moving averages ribbon on the daily chart is further adding to the positivity. We thus recommend initiating fresh longs in the given range.

Limited

Recommendation: Buy

Last Close: Rs 587

Initiation range: Rs 585-590

Target: Rs 625

Stop loss: Rs 570

IGL has witnessed a breakout from the consolidation range of 500-585 levels after spending nearly nine months. The chart pattern combined with overall buoyancy in the energy space is pointing towards a steady rise. Traders shouldn’t miss this opportunity and accumulate in the mentioned zone.

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Disclaimer: Ajit Mishra is VP – Research at Religare Broking.

http://www.religareonline.com/disclaimer

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