 "Buy Igarashi Motors; sell BHEL, Cairn India: Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi:
IGARASHI MOTORS INDIA: BUY
STOPLOSS: Rs 569
TARGET: Rs 607
TALWALKAR BETTER VALUE FITNESS: BUY
STOPLOSS: Rs 191
TARGET: Rs 205
The stock has given a price volume breakout and crossed the previous hurdle of Rs 200 levels after the narrow trading range of last six trading sessions. It registered a highest daily close of last fourteen trading sessions. It is turning from the lower levels thus looks attractive in terms of risk reward ratio. So we are recommending to buy the stock with stop loss of Rs 191 for the upside immediate target of Rs 205 levels.
CAIRN INDIA: SELL
STOPLOSS: Rs 153
TARGET: Rs 144
The stock broke its weekly support of Rs 146 levels and is witnessing selling pressure from last two weeks. The stock had seen a strong bounce from Rs 113 to Rs 160 levels but it was short lived as it again started witnessing selling pressure. Now it is declining from last two weeks with shorts being built in the counter. Thus one can sell the stock with stop loss of Rs 153 for the downside target of Rs 144 levels.
BHEL: SELL
STOPLOSS: Rs 118
TARGET: Rs 110
The stock started to witness selling pressure after a strong bounce back from Rs 90 to Rs 118 levels. Now it started to attract fresh shorts after the recent bounce with the strong hurdle near to Rs 119 zones. Fresh Call writing has shifted to Rs 125, Rs 120 and Rs 115 strikes which is keeping its upside limited for next couple of trading sessions. One can sell the stock with stop loss of Rs 118 for the downside target of Rs 110 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
IGARASHI MOTORS INDIA: BUY
STOPLOSS: Rs 569
TARGET: Rs 607
More From This Section
The stock gave a classical example of resistance becoming support. Earlier it was finding hurdle at Rs 525-530 levels and now the same is acting as support. The support base is shifting to higher levels as earlier it took support around Rs 540 zones now the same support has shifted to Rs 565 zones. It is holding above its 50 DMA and witnessed a positive price action even after profit booking seen in broader market. So we are recommending to buy the stock with stop loss of Rs 569 for the upside immediate target of Rs 607 levels.
TALWALKAR BETTER VALUE FITNESS: BUY
STOPLOSS: Rs 191
TARGET: Rs 205
The stock has given a price volume breakout and crossed the previous hurdle of Rs 200 levels after the narrow trading range of last six trading sessions. It registered a highest daily close of last fourteen trading sessions. It is turning from the lower levels thus looks attractive in terms of risk reward ratio. So we are recommending to buy the stock with stop loss of Rs 191 for the upside immediate target of Rs 205 levels.
CAIRN INDIA: SELL
STOPLOSS: Rs 153
TARGET: Rs 144
The stock broke its weekly support of Rs 146 levels and is witnessing selling pressure from last two weeks. The stock had seen a strong bounce from Rs 113 to Rs 160 levels but it was short lived as it again started witnessing selling pressure. Now it is declining from last two weeks with shorts being built in the counter. Thus one can sell the stock with stop loss of Rs 153 for the downside target of Rs 144 levels.
BHEL: SELL
STOPLOSS: Rs 118
TARGET: Rs 110
The stock started to witness selling pressure after a strong bounce back from Rs 90 to Rs 118 levels. Now it started to attract fresh shorts after the recent bounce with the strong hurdle near to Rs 119 zones. Fresh Call writing has shifted to Rs 125, Rs 120 and Rs 115 strikes which is keeping its upside limited for next couple of trading sessions. One can sell the stock with stop loss of Rs 118 for the downside target of Rs 110 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi