 "Buy Arvind, Vedanta, SBI: Chandan Taparia of Anand Rathi")
BUY ARVIND : The stock has been making higher top – higher bottom formation on weekly chart and has been struggling to head towards its new high territory. It witnesses fresh buying interest after the every small decline and recent dip is again giving an opportunity to accumulate the stock for higher target. One can buy the stock with stop loss of Rs 338.50 for the upside target of Rs 360 levels.
BUY VEDANTA : It has formed a positive price structure on daily and weekly chart and surpassed its immediate hurdle of Rs 200 zones. It has been shifting support on higher side and recently taken up swing from the lows of Rs 191 zones. We are expecting its momentum to continue for next coming sessions. Recommending buying the stock with stop loss of Rs 199.50 for the upside target of Rs 213 levels.
BUY SBIN : The stock has made bottom near Rs 246 and snapped all the losses made in the previous week. It has seen fresh Put writing at lower strike and that indicates that supports are looking firm for the extension of recent up move. We are expecting it to witness a sharp surge led by short covering activities. Recommending buying the stock with stop loss of Rs 250 for the upside target of Rs 267 levels.
SELL UBL : The stock has failed to surpass its multiple hurdle of Rs 970-980 zones and has stuck in a range even after the market bounce back. It has limited upside as per its price behavior and built up of shorts also started to drag it to lower levels. One can sell the stock with the stop loss of Rs 955 for the downside target of Rs 898 levels.
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We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi