Buy Coal India, Maruti Suzuki, sell Pidilite, says Chandan Taparia

Here are a few trading ideas from Chandan Taparia of Anand Rathi for Thursday's session:

BUY COALINDIA

The stock has taken support at the previous support around Rs 285 and is turning from the oversold territory. It is giving the signs of bottoming out and is set to head towards Rs 295 and higher. The mechanical indicators are also supporting our positive in the stock. Thus, one can buy the stock with the stoploss of Rs 284 for the upside immediate target of Rs 295.

BUY VOLTAS

The stock formed a strong bullish candle after the decline witnessed in the previous session and closed near the day’s high levels. It has taken support at the rising support trend and if follow up buying continues in the stock a fresh rally cannot be ruled out. The support base is also shifting higher in the stock thus recommending to buy the stock with the stoploss of Rs 299 for the upside target of Rs 318.

BUY MARUTI SUZUKI

The stock is consolidating and holding the support base even after the profit taking seen in the broader market. It has been trading in a narrow range and according to its current price structure it is set for a breakout towards Rs 5200 and high levels. Fresh built up of long position was seen in the counter with open interest addition of around 2.5% thus supporting our positive view in the stock. Thus, one can buy the stock with the stoploss of Rs 5035 for the upside immediate target of Rs 5200.

SELL PIDILITE INDUSTRIES

The stock has been making lower highs – lower lows from last two weeks and has formed a negative price structure. It is witnessing built up of short position with open interest addition of around 3% thus supporting the negative view in the counter. One can sell the stock on a small bounce back move with strict stoploss of Rs 614 for the downside target of Rs 575.
 

Disclaimer: We are suggesting these stocks to our clients but not personal holdings.

Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi