Buy Indiabulls Real Estate For Target Rs. 85-88 - Religare Securities Ltd

Recommendation

Buy Indiabulls Real Estate Ltd At 79.50-80 For Target Rs. 85-88 and Stop Loss 77.50 CMP 80.75

Rationale:

In recent past, IBREALEST has witnessed sharp correction after a vertical rise from 45 to 110 levels. The ongoing correction halted near 50% retracement level of above mentioned up move. On Tuesday i.e. 5th Aug 2014, it has formed a rising three pattern (bullish candlestick pattern) on daily charts with noticeable rise in volumes. One can utilize this opportunity to initiate fresh long positions as per the given levels  (Trading period: 3-5 trading sessions)

F & O Trade / Strategy Recommendation For 6th Aug 2014

Buy  Dr. Reddy,s Laboratories Ltd Aug Futs 2760-2770 For Target Rs. 2855 and Stop Loss 2730 , CMP 2775

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Buy BHEL For Target Rs.250 - Angel Broking Pvt Ltd

Justification:
After surpassing a strong resistance zone of `202 – ` 208 during the month of May 2014, we witnessed a significant up move of more than 40% in very short span. This was followed by a ‘Time-wise’ as well as ‘Price-wise’ correction, which was important from the longer term perspective. Considering past 6 to 8 day’s movement, it seems that the stock has cemented its position around the strong support zone of daily ’89 EMA’, which coincides with the 61.8 % Fibonacci Retracement Level of the up move seen from `176.65 (low on May 05, 2014) to `291.50 (high on May 26, 2014). During the session, we are witnessing some early signs of revival as the prices managed to surpass its smaller degree (hourly chart) trading range of `231 to `223 along with substantial increase in volumes. Thus, we advise traders to buy this stock from current level to a decline up to `228 for a target of `250 in coming 2 – 3 weeks. The stop loss for this trade set up can be kept at `222.

Recommendation
Buy BHEL at 232 – 228 Target 250 Stop Loss 222