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Buy ITC, Lupin; Sell Tata Power: Chandan Taparia

Here are a few stock recommendations from Anand Rathi Research

Chandan Taparia Mumbai
Last Updated : Aug 25 2015 | 8:01 AM IST
ITC: BUY
STOP LOSS: Rs 306.50
TARGET: Rs 331


It has formed a DOJI candle on daily chart indicating that bulls are intact in the counter. It has managed to hold its support base which is shifting to higher levels even after sharp decline in broader market and holding above its 50 DMA. Thus we are recommending to buy stock on decline with the stop loss of around 306.50 for the upside target of 331 levels.

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LUPIN: BUY
STOP LOSS: Rs 1,735
TARGET: Rs 1,850


It managed to hold its support base at its 13 DMA even after sharp selloff in the broader market. It has been forming higher top ? higher bottom formation on daily, weekly and monthly chart. Thus we are recommending to buy stock on decline with the stop loss of around 1735 for the upside target of 1850 levels.

 
AMBUJA CEMENTS: SELL
STOP LOSS: Rs 224
TARGET: Rs 205


It has recently failed to cross its multiple hurdles of 257-260 zones and corrected from 260 to 220 levels. It is falling from last six series with lower highs price formation. It has witnessed built up of short position as open interest jumped by around 5% in last couple of sessions. It has snapped bounce back move of last five weeks. One can sell the stock on small bounce back move with stop loss of 224 for the downside target of 205 levels.

 
TATA POWER: SELL
STOP LOSS: Rs 66
TARGET: Rs 59

It is continuously trading in weakness from last one year and witnessing selling pressure at every minor attempt to bounce back. It is trading at one year low levels and has been making lower top ? lower bottom formation. One can sell the stock with stop loss of 66 for the downside target of 59 levels.


Disclaimer: We are suggesting all these stocks to our clients but there is no personal holding


Chandan Taparia is a technical analyst with Anand Rathi Retail Research

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First Published: Aug 25 2015 | 8:01 AM IST

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