 "Buy M&M Financial, Sun Pharma, TVS Motor: Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi
BUY M&MFIN: The stock has given a fresh breakout on daily, weekly and monthly chart as managed to hit its record life time high levels. It has been making higher top – higher bottom formation from last seven months with support base shifting higher. One can buy the stock with the stop loss of Rs 349 for the upside immediate target of Rs 372 levels.
BUY SUNPHARMA: The stock crossed and closed above its 200 and 50 DMA and has turned from the lower levels. It snapped the losses by around 50% made in the previous month and is now set for a fresh rally. It is witnessing fresh buying interest with its other Pharma peers and also looks attractive in terms of risk reward ratio. Thus recommending buying the stock with the stop loss of Rs 780 levels for the upside target of Rs 830 levels.
BUY TVSMOTOR: The stock had recently surpassed the immediate hurdle of Rs 320 levels and is witnessing buying interest at every minor decline. It registered lifetime high levels in previous session and witnessed huge built up of long position even at current price juncture with open interest addition of around 10%. So, one can buy the stock with the stop loss of Rs 325 for the upside immediate target of Rs 351 levels.
SELL BPCL: The stock failed to sustain above its Rs 610-615 levels and negated the hopes of recovery in the stock. It is turning from the resistance levels and shorts are being active in the counter. At its current price juncture it has formed a short term negative pattern and a further decline towards Rs 580 and lower levels cannot be ruled out. One can sell the stock with stop loss of Rs 615 for the downside target of Rs 580 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
BUY M&MFIN: The stock has given a fresh breakout on daily, weekly and monthly chart as managed to hit its record life time high levels. It has been making higher top – higher bottom formation from last seven months with support base shifting higher. One can buy the stock with the stop loss of Rs 349 for the upside immediate target of Rs 372 levels.
BUY SUNPHARMA: The stock crossed and closed above its 200 and 50 DMA and has turned from the lower levels. It snapped the losses by around 50% made in the previous month and is now set for a fresh rally. It is witnessing fresh buying interest with its other Pharma peers and also looks attractive in terms of risk reward ratio. Thus recommending buying the stock with the stop loss of Rs 780 levels for the upside target of Rs 830 levels.
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BUY TVSMOTOR: The stock had recently surpassed the immediate hurdle of Rs 320 levels and is witnessing buying interest at every minor decline. It registered lifetime high levels in previous session and witnessed huge built up of long position even at current price juncture with open interest addition of around 10%. So, one can buy the stock with the stop loss of Rs 325 for the upside immediate target of Rs 351 levels.
SELL BPCL: The stock failed to sustain above its Rs 610-615 levels and negated the hopes of recovery in the stock. It is turning from the resistance levels and shorts are being active in the counter. At its current price juncture it has formed a short term negative pattern and a further decline towards Rs 580 and lower levels cannot be ruled out. One can sell the stock with stop loss of Rs 615 for the downside target of Rs 580 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi