Buy NIIT Tech, ONGC, and sell ACC, Kotak: Chandan Taparia of Anand Rathi

Here are a few trading ideas from Chandan Taparia of Anand Rathi for Thursday's session:

BUY NIIT TECH

The stock has taken support around its 50-DMA and is trading above its 200 weekly moving average. It surpassed the hurdle of Rs 440 and is set for fresh rally towards Rs 450 and higher levels. It gave the highest daily close of last seventeen trading sessions. Thus, one can buy the stock with the stoploss of Rs 420 for the upside immediate target of Rs 450.

BUY ONGC

The stock has been holding the support base and showing the signs of breaking out from its consolidation phase. It has taken support at its 50-DMA and is moving higher with support base shifting to higher levels. Thus, one can buy the stock with the stoploss of Rs 187 for the upside immediate target of Rs 201.

SELL ACC

The stock failed to surpass the hurdle of Rs 1360 and started to decline. It has added fresh built-up of short position with open interest addition of around 6% in last two series. It snapped most of the gains made in the last four sessions and is showing the signs of drifting towards Rs 1295 and lower levels. Thus, one can sell the stock with the stoploss of Rs 1370 for the downside target of Rs 1295.

SELL KOTAK BANK

The stock fell below its support of Rs 705 and broke its psychological Rs 700. It gave the lowest daily close of last eight series. It has added huge built-up of short position with open interest addition of around 16% in previous session thus indicating that shorts are intact in the counter even at current levels. Thus, one can sell the stock with the stoploss of Rs 722 for the downside immediate target of Rs 680. 

Disclaimer: We are suggesting these stocks to our clients but not personal holdings.

Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi