 "Buy Arvind, NIIT Technologies, ICICI Bank: Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY ARVIND: The stock took support at its 50 DMA near the previous support of Rs 305 levels. It is holding onto its gains above its 50, 200 and 35 DMA. It snapped the loss made in previous two sessions and is now set to head towards Rs 327 and higher levels. Thus recommending buying the stock with the stop loss of Rs 307 for the upside immediate target of Rs 327 levels.
BUY NIIT TECHNOLOGIES: The stock has taken multiple supports and is showing the early signs of bottoming out at the lower levels. It is indicating a pause in the recent selling pressure and witnessing buying interest at the lower levels. It surpassed the hurdle of Rs 410 levels and gave the highest daily close of last 13 trading sessions. Thus also looks attractive in terms of risk reward ratio. So, recommending buying the stock with the stop loss of Rs 395 for the upside immediate target of Rs 425 levels.
BUY ICICI BANK: The stock was making higher highs higher lows in the initial part of the series however it witnessed some profit taking with the broader market on Monday’s session but managed to hold onto the support which has bullish implication. It witnessed built up of long position with open interest addition of around 4% in previous session. So, recommending buying the stock with the stop loss of Rs 260 for the upside immediate target of Rs 280 levels.
SELL APOLLO HOSPITALS: The stock has formed a negative price structure and is making lower highs – lower lows from last four sessions. Earlier it broke its support of Rs 1350-1340 zones then it fell below its Rs 1320 levels and in previous session it hit an intraday low of Rs 1294 levels. It is witnessing built up of short position with open interest addition of around 50-55% in last five sessions. So, one can sell the stock with the stop loss Rs 1342 for the downside immediate target of Rs 1265 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
BUY ARVIND: The stock took support at its 50 DMA near the previous support of Rs 305 levels. It is holding onto its gains above its 50, 200 and 35 DMA. It snapped the loss made in previous two sessions and is now set to head towards Rs 327 and higher levels. Thus recommending buying the stock with the stop loss of Rs 307 for the upside immediate target of Rs 327 levels.
BUY NIIT TECHNOLOGIES: The stock has taken multiple supports and is showing the early signs of bottoming out at the lower levels. It is indicating a pause in the recent selling pressure and witnessing buying interest at the lower levels. It surpassed the hurdle of Rs 410 levels and gave the highest daily close of last 13 trading sessions. Thus also looks attractive in terms of risk reward ratio. So, recommending buying the stock with the stop loss of Rs 395 for the upside immediate target of Rs 425 levels.
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BUY ICICI BANK: The stock was making higher highs higher lows in the initial part of the series however it witnessed some profit taking with the broader market on Monday’s session but managed to hold onto the support which has bullish implication. It witnessed built up of long position with open interest addition of around 4% in previous session. So, recommending buying the stock with the stop loss of Rs 260 for the upside immediate target of Rs 280 levels.
SELL APOLLO HOSPITALS: The stock has formed a negative price structure and is making lower highs – lower lows from last four sessions. Earlier it broke its support of Rs 1350-1340 zones then it fell below its Rs 1320 levels and in previous session it hit an intraday low of Rs 1294 levels. It is witnessing built up of short position with open interest addition of around 50-55% in last five sessions. So, one can sell the stock with the stop loss Rs 1342 for the downside immediate target of Rs 1265 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi