 "Buy UPL, Glenmark, sell Hero MotoCorp, says Chandan Taparia of Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for Monday's session:
BUY UPL
The stock held onto the support after the profit taking of last three sessions and negated the immediate negative trend of making lower highs-lower lows. It crossed and closed above its 50-DMA and snapped the most of the losses made in the previous two sessions. Thus, one can buy the stock with the stoploss of Rs 639 for the upside immediate target of Rs 681.
The stock surpassed the hurdle of Rs 810 and moved above its 50-DMA. It is bottoming out at the lower levels and is set to start fresh rally after consolidating at the lower levels. It held onto the gains even after the profit taking seen in the broader market and is sustaining above its 50 weekly moving average. So, one can buy the stock to grab the opportunity of attractive risk reward ratio with the stoploss of Rs 788 for the upside immediate target of Rs 840.
BUY GLENMARK
The stock witnessed a strong rally and moved above its hurdle of Rs 925. It gave the highest daily close of last thirty one trading sessions. Fresh longs were seen entering the counter and according to the current price placement, the stock is set to move towards Rs 955 and higher levels. Thus, one can buy the stock with the stoploss of Rs 899 for the upside immediate target of Rs 955.
SELL HERO MOTOCORP
The stock broke the support of Rs 3170 and failed to surpass Rs 3,350. The shorts are intact in the counter with open interest addition of around 4% in the previous session. It gave the lowest daily close of last thirteen trading sessions and according to its current price placement, a further short-term decline towards Rs 3050 and lower levels may be seen. Thus, one can sell the stock with the stoploss of Rs 3,250 for the downside target of Rs 3,050.
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 UPL
The stock held onto the support after the profit taking of last three sessions and negated the immediate negative trend of making lower highs-lower lows. It crossed and closed above its 50-DMA and snapped the most of the losses made in the previous two sessions. Thus, one can buy the stock with the stoploss of Rs 639 for the upside immediate target of Rs 681.
Also Read
BUY CUMMINS INDIA
The stock surpassed the hurdle of Rs 810 and moved above its 50-DMA. It is bottoming out at the lower levels and is set to start fresh rally after consolidating at the lower levels. It held onto the gains even after the profit taking seen in the broader market and is sustaining above its 50 weekly moving average. So, one can buy the stock to grab the opportunity of attractive risk reward ratio with the stoploss of Rs 788 for the upside immediate target of Rs 840.
BUY GLENMARK
The stock witnessed a strong rally and moved above its hurdle of Rs 925. It gave the highest daily close of last thirty one trading sessions. Fresh longs were seen entering the counter and according to the current price placement, the stock is set to move towards Rs 955 and higher levels. Thus, one can buy the stock with the stoploss of Rs 899 for the upside immediate target of Rs 955.
SELL HERO MOTOCORP
The stock broke the support of Rs 3170 and failed to surpass Rs 3,350. The shorts are intact in the counter with open interest addition of around 4% in the previous session. It gave the lowest daily close of last thirteen trading sessions and according to its current price placement, a further short-term decline towards Rs 3050 and lower levels may be seen. Thus, one can sell the stock with the stoploss of Rs 3,250 for the downside target of Rs 3,050.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi