 "Buy, sell ideas from Anand Rathi for today's trade")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY HINDUSTAN UNILEVER
The stock has taken support at its weekly support trend line and showing the signs of bottoming out. It surpassed its immediate hurdle of 815-816 zones and looks attractive in terms of risk reward ratio. It is turning from the oversold territory so one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of 785 for the upside immediate target of 842 levels.
The stock has taken support at its weekly support trend line and showing the signs of bottoming out. It surpassed its immediate hurdle of 815-816 zones and looks attractive in terms of risk reward ratio. It is turning from the oversold territory so one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of 785 for the upside immediate target of 842 levels.
BUY TECH MAHINDRA
The stock is making higher top – higher bottom formation from last two weeks. Recently, it formed a double price pattern on weekly chart and formed a support base near its 400 zones. It moved above its 50 DMA and gave the highest daily close of last 9 trading sessions. Thus recommending buying the stock with the stop loss of 435 for the upside immediate target of 462 levels.
The stock is making higher top – higher bottom formation from last two weeks. Recently, it formed a double price pattern on weekly chart and formed a support base near its 400 zones. It moved above its 50 DMA and gave the highest daily close of last 9 trading sessions. Thus recommending buying the stock with the stop loss of 435 for the upside immediate target of 462 levels.
BUY LIC HOUSING FINANCE
The stock is holding the support from last four trading sessions and witnessed a strong rally with the bounce seen in the broader market. It added fresh built up of long position with open interest addition of around 3% in previous session thus supporting our positive view. Thus recommending buying the stock with the stop loss of 501 for the upside immediate target of 532 levels.
The stock is holding the support from last four trading sessions and witnessed a strong rally with the bounce seen in the broader market. It added fresh built up of long position with open interest addition of around 3% in previous session thus supporting our positive view. Thus recommending buying the stock with the stop loss of 501 for the upside immediate target of 532 levels.
SELL BHEL
The stock failed to recover with the bounce in the broader market and continue to witness selling pressure. It witnessed built up of short position and has broken all the support levels as it earlier it broke its 136 levels then 131 and in previous session it fell below its 125 levels. Thus expecting the same to continue towards 120.50 and lower levels. So, one can sell the stock with the stop loss 131 for the downside immediate target of 120.50 levels.
The stock failed to recover with the bounce in the broader market and continue to witness selling pressure. It witnessed built up of short position and has broken all the support levels as it earlier it broke its 136 levels then 131 and in previous session it fell below its 125 levels. Thus expecting the same to continue towards 120.50 and lower levels. So, one can sell the stock with the stop loss 131 for the downside immediate target of 120.50 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