Federal Bank, JSW Energy could give up to 8-14% returns; here's why Religare has a buy on them

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JSW Energy stand among top two technical picks by Religare Broking for the week. The brokerage has termed them as Tech stars. The two stock picks are filtered by Brokerage based on momnetum from companies under their coverage Universe.

For Federal Bank that is trading at close to ₹156 levels currently, Religare Broking has initiated a "Buy call in the range of ₹155-158 for a target price of ₹178. A stop loss at ₹149 has been recommended by the Brokerage for Federal Bank. Also Read- SBI, HDFC Bank, LIC among top seven picks of Centrum for December Technical Rationale indicated by Religare Broking for buying Federal Bank is that the Federal Banks stock has been trading in a steady uptrend from past more than two years and currently trading near life high levels.

Federal Bank has registered a breakout from the basing pattern which has formed at its 20 WEMA (20 week exponential moving average) and around its previous consolidation breakout zone which indicates bullish tone to continue. Traders can consider accumulating fresh in the mentioned range, said, Religare JSW Energy is the second technical Pick of Religare for the week. The brokerage has recommended buying JSW Energy in the range of ₹420- 422 with a taret price of ₹455.

JSW Energy stock is trading at close to ₹416 levels and Religare has recommended for putting a stop loss at ₹405. Also Read- Elara Capital suggests moving back to financials from IT, gradually – here's why Technical Rational for buying JSW Energy as per Religare Broking is that JSW Energy witnessed a fresh breakout from multi month consolidation range with strong volumes. JSW Energy has formed a strong base around the support zone of the neckline of its previous consolidation range.