 "Buy Petronet LNG, Kotak Mahindra Bank, Zee Entertainment: Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY PETRONET LNG: The stock has been making higher top – higher bottom formation from last seven weeks and registered 52 weeks high at 354 levels. The support base is shifting higher as earlier the support was around 285 then the same shifted to 308 and now the support is around 335-340 zones. It gave the highest lifetime daily close. Thus, recommending to buy the stock with the stop loss of 340 for the upside target of 365 levels
BUY KOTAK MAHINDRA BANK: The stock gave a gap up opening in previous session and held onto the gains till the end of the session. It surpassed the immediate hurdle of 789-790 levels and is moving after the consolidation of last fourteen weeks. It gave the lifetime highest daily close and is showing the potential to head towards 826 and higher levels. So, one can buy the stock with the stop loss of 778 for the upside target of 826 levels.
SELL KAVERI SEED: The stock failed to surpass its 385 levels and started to decline with built up of short position. It broke its support of 362-360 levels and has a tendency of witnessing selling at every attempt to bounce from last one year. It failed to recover with the strong up move seen in the broader market indicating weakness in the counter. So, one can sell the stock with the stop loss 375 for the downside immediate target of 355 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 PETRONET LNG: The stock has been making higher top – higher bottom formation from last seven weeks and registered 52 weeks high at 354 levels. The support base is shifting higher as earlier the support was around 285 then the same shifted to 308 and now the support is around 335-340 zones. It gave the highest lifetime daily close. Thus, recommending to buy the stock with the stop loss of 340 for the upside target of 365 levels
BUY KOTAK MAHINDRA BANK: The stock gave a gap up opening in previous session and held onto the gains till the end of the session. It surpassed the immediate hurdle of 789-790 levels and is moving after the consolidation of last fourteen weeks. It gave the lifetime highest daily close and is showing the potential to head towards 826 and higher levels. So, one can buy the stock with the stop loss of 778 for the upside target of 826 levels.
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BUY ZEE ENTERTAINMENT: The stock is continuously rising higher and witnessing buying interest at every minor decline. It has seen huge built up of long position and longs are intact in the counters even at lifetime high levels indicating strength in the counter. Thus recommending buying the stock with the stop loss of 520 for the upside target of 558 levels.
SELL KAVERI SEED: The stock failed to surpass its 385 levels and started to decline with built up of short position. It broke its support of 362-360 levels and has a tendency of witnessing selling at every attempt to bounce from last one year. It failed to recover with the strong up move seen in the broader market indicating weakness in the counter. So, one can sell the stock with the stop loss 375 for the downside immediate target of 355 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