 "Buy TVS Motor, Marico, UPL; sell Oriental Bank: Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
TVS MOTOR: BUY
Target: Rs 318
Stop Loss: Rs 295
The stock is moving after taking multiple supports and snapped most of the losses made in previous week. It has been taking support at its 50 weekly moving average and turning from lower levels of its recent trading range. It is moving after the profit taking decline witnessed in previous week which has bullish implication. Thus recommending buying the stock with the stop loss of Rs 295 for the upside target of Rs 318 levels.
MARICO: BUY
Target: Rs 285
Stop Loss: Rs 268
The stock in the previous session traded at its lifetime high levels and gave a breakout after crossing the immediate hurdle of Rs 274 levels. It has been making higher highs – higher lows price formation from last 4 weeks and has been respecting to its 50 DMA from last couple of trading sessions. Thus recommending buying the stock with the stop loss of Rs 268 for the upside target of Rs 285 levels.
UPL: BUY
Target: RS 578
Stop Loss: Rs 540
The stock surpassed the hurdle of Rs 560 levels and is giving an early sign of bottoming out after the decline witnessed in previous series. It gave the highest daily close of last fifteen trading sessions and started to move after holding onto the support from last 14 trading sessions. The up move is led by short covering activities and now a further up move towards Rs 578 and higher levels may be seen. So, one can buy the stock with the stop loss Rs 540 for the upside immediate target of Rs 578 levels.
ORIENTAL BANK: SELL
Target: Rs 119
Stop Loss: Rs 127
The stock failed to cross its hurdle of Rs 127 levels and started to decline as the dominance of bears gripped the counter. It has been witnessing built up of short position with an open interest addition of around 14% in last couple of trading sessions. It has a tendency of witnessing selling pressure at every resistance levels and now a continuation of selling pressure towards Rs 119 and lower levels may be seen. So, recommending selling the stock with the stop loss of Rs 127 for the downside target of Rs 119 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
TVS MOTOR: BUY
Target: Rs 318
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Stop Loss: Rs 295
The stock is moving after taking multiple supports and snapped most of the losses made in previous week. It has been taking support at its 50 weekly moving average and turning from lower levels of its recent trading range. It is moving after the profit taking decline witnessed in previous week which has bullish implication. Thus recommending buying the stock with the stop loss of Rs 295 for the upside target of Rs 318 levels.
MARICO: BUY
Target: Rs 285
Stop Loss: Rs 268
The stock in the previous session traded at its lifetime high levels and gave a breakout after crossing the immediate hurdle of Rs 274 levels. It has been making higher highs – higher lows price formation from last 4 weeks and has been respecting to its 50 DMA from last couple of trading sessions. Thus recommending buying the stock with the stop loss of Rs 268 for the upside target of Rs 285 levels.
UPL: BUY
Target: RS 578
Stop Loss: Rs 540
The stock surpassed the hurdle of Rs 560 levels and is giving an early sign of bottoming out after the decline witnessed in previous series. It gave the highest daily close of last fifteen trading sessions and started to move after holding onto the support from last 14 trading sessions. The up move is led by short covering activities and now a further up move towards Rs 578 and higher levels may be seen. So, one can buy the stock with the stop loss Rs 540 for the upside immediate target of Rs 578 levels.
ORIENTAL BANK: SELL
Target: Rs 119
Stop Loss: Rs 127
The stock failed to cross its hurdle of Rs 127 levels and started to decline as the dominance of bears gripped the counter. It has been witnessing built up of short position with an open interest addition of around 14% in last couple of trading sessions. It has a tendency of witnessing selling pressure at every resistance levels and now a continuation of selling pressure towards Rs 119 and lower levels may be seen. So, recommending selling the stock with the stop loss of Rs 127 for the downside target of Rs 119 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi