 "Buy Voltas, Maruti and sell Hexaware, says Chandan Taparia")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for Wednesday's session
BUY VOLTAS: The stock formed a strong bullish candle after the decline witnessed in the previous session and closed near the day’s high levels. It has taken support at the rising support trend and if follow up buying continues in the stock a fresh rally cannot be ruled out. The support base is also shifting higher in the stock thus recommending to buy the stock with the stop loss Rs 306 for the upside target of Rs 326.
BUY HINDUSTAN UNILEVER: The stock made double bottom price pattern on daily chart which has bullish implication. The indicator are also supporting our view in the stock and is showing the sign of bottoming out at the multiple support levels so looks attractive in terms of risk reward ratio. Thus recommending buying the stock with the stop loss of Rs 778 for the upside immediate target of Rs 826.
SELL HEXAWARE: The stock broke the support of 200 levels and drifted below its support trend line. It witnessed liquidation of long positions and according to its current price structure it is showing the signs of drifting towards 194 and lower levels. It failed to sustain above its 205 levels and now we are recommending selling the stock with the stop loss of Rs 206 for the downside target of Rs 194 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 VOLTAS: The stock formed a strong bullish candle after the decline witnessed in the previous session and closed near the day’s high levels. It has taken support at the rising support trend and if follow up buying continues in the stock a fresh rally cannot be ruled out. The support base is also shifting higher in the stock thus recommending to buy the stock with the stop loss Rs 306 for the upside target of Rs 326.
BUY HINDUSTAN UNILEVER: The stock made double bottom price pattern on daily chart which has bullish implication. The indicator are also supporting our view in the stock and is showing the sign of bottoming out at the multiple support levels so looks attractive in terms of risk reward ratio. Thus recommending buying the stock with the stop loss of Rs 778 for the upside immediate target of Rs 826.
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BUY MARUTI SUZUKI: The stock is consolidating and holding the support base. It gave the highest daily close of last eleven trading sessions and according to its current price structure it is set for a breakout towards 5,260 and higher levels. The longs are intact in the counter, thus one can buy the stock with the stop loss of Rs 5,095 for the upside immediate target of Rs 5,260.
SELL HEXAWARE: The stock broke the support of 200 levels and drifted below its support trend line. It witnessed liquidation of long positions and according to its current price structure it is showing the signs of drifting towards 194 and lower levels. It failed to sustain above its 205 levels and now we are recommending selling the stock with the stop loss of Rs 206 for the downside target of Rs 194 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