Religare Broking's weekly stock picks: 'Buy' Ashok Leyland, Dr Reddy's & Havells

Benchmark Nifty50 extended gains on Tuesday, closing nearly half a per cent higher in a range-bound session on the weekly expiry day. Religare Broking said it maintains a "positive yet cautious outlook" on the index and advised traders to adopt a buy-on-dips strategy while tracking banking and IT majors for further cues.

The domestic brokerage shared three weekly stock recommendations for investors:

1. Ashok Leyland Ltd (LTP: Rs 135.06)

Religare Broking has given a 'Buy' call on Ashok Leyland with a target price of Rs 145 and a stop-loss at Rs 130. The stock continues to trade above key moving averages, supported by bullish momentum and strong technical indicators.

2. Dr Reddy's Laboratories Ltd (LTP: Rs 1,291.30)

The brokerage recommends a 'Buy' on Dr Reddy's with a target of Rs 1375 and a stop-loss at Rs 1245. The stock recently broke out of a consolidation phase with higher volumes and has built a base around multiple key moving averages.

3. Havells India Ltd (LTP: Rs 1,587.10)

Religare has suggested a 'Buy' on Havells with a target of Rs 1,695 and a stop-loss at Rs 1,525. The stock has reclaimed its 200-day EMA after a prolonged corrective phase and is showing signs of a potential uptrend.