 "Buy Coal India, ONGC; sell TCS, BHEL: Anand Rathi")
Here a few trading calls from Chandan Taparia of Anand Rathi for trade today:
COAL INDIA: BUY
Target: Rs 320
The stock after holding onto the support around Rs 307 levels and moving sideways from last four trading sessions edged higher. It surpassed its falling supply trend line and held onto the gains even after profit taking seen in the broader market. It gave the highest daily close of last sixty trading sessions. So recommending buying the stock with stop loss of Rs 300 for the upside target of Rs 320 levels.
ONGC: BUY
Target: Rs 226
Stop Loss: Rs 211
The stock gave a price volume breakout after a long consolidation. It has been holding above its 50 DMA from last ten trading sessions. It is taking support after the weakness of last two years and finding buying interest at the lower levels. Thus, giving us signs of bottoming out and also looks attractive in terms of risk reward ratio. So, recommending to buy the stock with the stop loss of Rs 211 for the target of Rs 226 levels.
TCS: SELL
Target: Rs 2528
Stop Loss: Rs 2685
The stock had rallied well in previous four weeks and now started to decline as it failed to cross its multiple hurdle of Rs 2650-2660 zones. It has given an up move from Rs 2455 to 2660 zones so a profit booking decline of recent move cannot be ruled out as fresh shorts started to build in the counter. So recommending selling the stock with the stop loss of Rs 2685 for the downside target of Rs 2528 levels.
BHEL: SELL
Target: Rs 118.50
Stop Loss: Rs 126
The stock is making lower top lower bottom formation from last eight weeks and has been continuously falling. It has a tendency of witnessing selling pressure at every resistance level. It has seen built up of short position and shorts are intact in the counter with short rollover from previous series to current series. One can sell the stock with the stop loss of Rs 126 for the downside immediate target of Rs 118.50 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
COAL INDIA: BUY
Target: Rs 320
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Stop Loss: Rs 300
The stock after holding onto the support around Rs 307 levels and moving sideways from last four trading sessions edged higher. It surpassed its falling supply trend line and held onto the gains even after profit taking seen in the broader market. It gave the highest daily close of last sixty trading sessions. So recommending buying the stock with stop loss of Rs 300 for the upside target of Rs 320 levels.
ONGC: BUY
Target: Rs 226
Stop Loss: Rs 211
The stock gave a price volume breakout after a long consolidation. It has been holding above its 50 DMA from last ten trading sessions. It is taking support after the weakness of last two years and finding buying interest at the lower levels. Thus, giving us signs of bottoming out and also looks attractive in terms of risk reward ratio. So, recommending to buy the stock with the stop loss of Rs 211 for the target of Rs 226 levels.
TCS: SELL
Target: Rs 2528
Stop Loss: Rs 2685
The stock had rallied well in previous four weeks and now started to decline as it failed to cross its multiple hurdle of Rs 2650-2660 zones. It has given an up move from Rs 2455 to 2660 zones so a profit booking decline of recent move cannot be ruled out as fresh shorts started to build in the counter. So recommending selling the stock with the stop loss of Rs 2685 for the downside target of Rs 2528 levels.
BHEL: SELL
Target: Rs 118.50
Stop Loss: Rs 126
The stock is making lower top lower bottom formation from last eight weeks and has been continuously falling. It has a tendency of witnessing selling pressure at every resistance level. It has seen built up of short position and shorts are intact in the counter with short rollover from previous series to current series. One can sell the stock with the stop loss of Rs 126 for the downside immediate target of Rs 118.50 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi