 "Chandan Taparia recommends buy on NIIT Tech, SBI, Tata Steel; Sell on Tata Power")
NIIT TECH : BUY
Target: Rs 630
Stop Loss: Rs 565
STATE BANK OF INDIA : BUY
Target: Rs 258
Stop Loss: Rs 237
The stock has been holding the gains from last three weeks with multiple support near to Rs 235 zones. It has crossed an immediate hurdle of Rs 248 zones and closed above 50 DMA. It has engulfed a consolidation of last 3 sessions and gave a highest close in last 13 sessions with buying interest in most of the banking counters. It looks attractive at current levels so one can buy on decline with stop loss of Rs 237 for the upside target of Rs 258 levels.
TATA STEEL : BUY
Target: Rs 236
Stop Loss: Rs 219
It has crossed multiple hurdle of Rs 223-225 zones and also made a base for a bounce back move from current levels. We have seen fresh buying along with short covering which suggests that upswing may continue for next couple of sessions before it takes hurdle at higher levels. We are suggesting to buy the stock to play the bounce back move with strict stop loss of Rs 219 for the upside target of Rs 236 levels.
TATA POWER : SELL
Target: Rs 64
Stop Loss: Rs 71
It has a dull price behavior and finding sustained selling near to Rs 70-72 zones from last four weeks. It witnessed a recovery from Rs 56 to 72 levels in previous two series and now pause in momentum indicates an early sign of end of the positive trend. It is adding built up of short position as open interest added by 10% with fall in price in last few sessions. One can sell the stock with stop loss of Rs 71 for the downside target of Rs 64 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
Target: Rs 630
Stop Loss: Rs 565
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The stock has seen strong up move after a consolidation of last three trading sessions and registered the highest daily close above Rs 594 zones. It is hovering near to its life time highs and a hold above 600 may take it to Rs 621.50 and even higher levels. It has made a pole and flag pattern and looks quite strong to continue its positive momentum for next coming sessions. Traders can buy the stock with stop loss of Rs 565 for the upside target of Rs 630 levels.
STATE BANK OF INDIA : BUY
Target: Rs 258
Stop Loss: Rs 237
The stock has been holding the gains from last three weeks with multiple support near to Rs 235 zones. It has crossed an immediate hurdle of Rs 248 zones and closed above 50 DMA. It has engulfed a consolidation of last 3 sessions and gave a highest close in last 13 sessions with buying interest in most of the banking counters. It looks attractive at current levels so one can buy on decline with stop loss of Rs 237 for the upside target of Rs 258 levels.
TATA STEEL : BUY
Target: Rs 236
Stop Loss: Rs 219
It has crossed multiple hurdle of Rs 223-225 zones and also made a base for a bounce back move from current levels. We have seen fresh buying along with short covering which suggests that upswing may continue for next couple of sessions before it takes hurdle at higher levels. We are suggesting to buy the stock to play the bounce back move with strict stop loss of Rs 219 for the upside target of Rs 236 levels.
TATA POWER : SELL
Target: Rs 64
Stop Loss: Rs 71
It has a dull price behavior and finding sustained selling near to Rs 70-72 zones from last four weeks. It witnessed a recovery from Rs 56 to 72 levels in previous two series and now pause in momentum indicates an early sign of end of the positive trend. It is adding built up of short position as open interest added by 10% with fall in price in last few sessions. One can sell the stock with stop loss of Rs 71 for the downside target of Rs 64 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings
Chandan Taparia is a technical analyst with Anand Rathi Retail Research