 "Buy M&M Financial, Bank of Baroda, Motherson Sumi: Anand Rathi")
Here are a few trading strategies from Chandan Taparia of Anand Rathi for trade today:
BUY M&M FINANCIAL: The stock has taken support around Rs 325 zones and is moving after taking support around its 50 DMA. It is showing the potential to surpass its immediate hurdle of Rs 345-346 levels and head towards higher levels. It gave the highest daily close of last nine trading sessions with significant rise in volumes and surpassed the immediate falling trend line. So, one can buy the stock with the stop loss of 320 levels for the upside immediate target of Rs 346 levels.
BUY BANK OF BARODA: The stock managed to hold the support around its rising support trend line. It crossed and closed above its 200 DMA even after a range bound move in the broader market. It is showing pause in the recent selling witnessed in the stock and now set for a positive price action towards Rs 154 and higher levels. Thus one can buy the stock with the stop loss of Rs 144 levels for the upside target of Rs 154 levels.
BUY MOTHERSON SUMI: The stock turned from its support levels and snapped the three fourth of the losses made in the previous week. The up move in the stock was led by the short covering activities and now according to the current price placement a further up move towards Rs 346 and higher levels cannot be ruled out. The trend of the stock is intact to positive as it has been making higher top –higher bottom formation from last five series. So, one can buy the stock with the stop loss of Rs 320 for the upside immediate target of Rs 346 levels.
SELL TECH MAHINDRA: The stock failed to surpass the multiple hurdle of Rs 510 levels and started to decline. It broke its support of Rs 480 levels and drifted towards three series low levels. It has been witnessing selling pressure from last three sessions and has been making lower high - lower lows. Thus recommending to sell the stock with the stop loss of Rs 492 levels for the downside target of Rs 462 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
The author is Derivatives Analyst - Equity Research at Anand Rathi
BUY M&M FINANCIAL: The stock has taken support around Rs 325 zones and is moving after taking support around its 50 DMA. It is showing the potential to surpass its immediate hurdle of Rs 345-346 levels and head towards higher levels. It gave the highest daily close of last nine trading sessions with significant rise in volumes and surpassed the immediate falling trend line. So, one can buy the stock with the stop loss of 320 levels for the upside immediate target of Rs 346 levels.
BUY BANK OF BARODA: The stock managed to hold the support around its rising support trend line. It crossed and closed above its 200 DMA even after a range bound move in the broader market. It is showing pause in the recent selling witnessed in the stock and now set for a positive price action towards Rs 154 and higher levels. Thus one can buy the stock with the stop loss of Rs 144 levels for the upside target of Rs 154 levels.
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BUY MOTHERSON SUMI: The stock turned from its support levels and snapped the three fourth of the losses made in the previous week. The up move in the stock was led by the short covering activities and now according to the current price placement a further up move towards Rs 346 and higher levels cannot be ruled out. The trend of the stock is intact to positive as it has been making higher top –higher bottom formation from last five series. So, one can buy the stock with the stop loss of Rs 320 for the upside immediate target of Rs 346 levels.
SELL TECH MAHINDRA: The stock failed to surpass the multiple hurdle of Rs 510 levels and started to decline. It broke its support of Rs 480 levels and drifted towards three series low levels. It has been witnessing selling pressure from last three sessions and has been making lower high - lower lows. Thus recommending to sell the stock with the stop loss of Rs 492 levels for the downside target of Rs 462 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
The author is Derivatives Analyst - Equity Research at Anand Rathi