 "Anand Rathi recommends buy on Arvind, CEAT; Sell on Punjab National Bank")
ARVIND: BUY
Stop Loss: Rs 320
Target: Rs 341
It managed to cross and hold above its crucial hurdle of 320-322 zones with rising volumes. It has given a multiple breakout on daily, weekly and monthly chart after the long consolidation of last one year. It made a new 52 weeks high and momentum may continue to take it towards 341 then 365 zones. One can buy the stock with stop loss of 320 for the upside immediate target of 341 levels.
Stop Loss: Rs 320
Target: Rs 341
It managed to cross and hold above its crucial hurdle of 320-322 zones with rising volumes. It has given a multiple breakout on daily, weekly and monthly chart after the long consolidation of last one year. It made a new 52 weeks high and momentum may continue to take it towards 341 then 365 zones. One can buy the stock with stop loss of 320 for the upside immediate target of 341 levels.
CEAT : BUY
Stop Loss: Rs 1,020
Target: Rs 1,086
It has been making higher top – higher bottom formation from last eight trading sessions and also surpassed its immediate hurdle of 1042-1046 zones. It has managed to reclaim its 50 DMA and come out from its recent consolidation phase of last 12 trading sessions. Recently it made a double bottom formation near to 960-970 zones and holding the gains even after the market volatility. One can buy the stock with stop loss of 1020 for the upside target of 1086 levels.
Stop Loss: Rs 1,020
Target: Rs 1,086
It has been making higher top – higher bottom formation from last eight trading sessions and also surpassed its immediate hurdle of 1042-1046 zones. It has managed to reclaim its 50 DMA and come out from its recent consolidation phase of last 12 trading sessions. Recently it made a double bottom formation near to 960-970 zones and holding the gains even after the market volatility. One can buy the stock with stop loss of 1020 for the upside target of 1086 levels.
Punjab National Bank: SELL
Stop Loss: Rs 125
Target: Rs 116
It failed to cross immediate hurdle of 124-125 zones after the continuous struggle of last seven trading sessions. It has broken immediate support of 122 and given a lowest close in last one year. It has failed to recover even after the market recovery which indicates weak undertone of the stock. Overall trend is negative as sustained selling pressure is being witnessed in the stocks and shorts are intact as it has been falling from last couple of weeks.
Stop Loss: Rs 125
Target: Rs 116
It failed to cross immediate hurdle of 124-125 zones after the continuous struggle of last seven trading sessions. It has broken immediate support of 122 and given a lowest close in last one year. It has failed to recover even after the market recovery which indicates weak undertone of the stock. Overall trend is negative as sustained selling pressure is being witnessed in the stocks and shorts are intact as it has been falling from last couple of weeks.
Kevari Seed Company: SELL
Stop Loss: Rs 365
Target: Rs 340
The stock has been falling down and adding aggressive built up of short position. It has broken the previous year support of 360 zones and still looks weak as open interest is being added with negative price flow. It has recently failed to hold immediate support of 360-365 zones and till it remains below the same, weakness may persist in the stock.
Stop Loss: Rs 365
Target: Rs 340
The stock has been falling down and adding aggressive built up of short position. It has broken the previous year support of 360 zones and still looks weak as open interest is being added with negative price flow. It has recently failed to hold immediate support of 360-365 zones and till it remains below the same, weakness may persist in the stock.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a derivative and technical analyst with Anand Rathi