Good news on Religare round the corner: Shardul Kulkarni of Angel Broking

Shardul Kulkarni, Sr Technical Analyst, Angel Broking talks to ET NOW about Religare and other brokerage stocks.

Except Religare, all the brokerage stocks have come out with the splendid set of numbers on the charts. Do they look good?

On the charts most of the brokerage stocks are looking sideways expect for Religare. Religare fundamentals and the technicals generally don’t go hand in hand. The breakouts do take place before good news, so you might see a good news probably round the corner. There must be something which is there in the results, so on the charts specifically if you see Religare, you might see a target price of around 500. Wait for a correction, buy probably at around 410-405, stop loss should be at 380 and ideal target is Rs 500.