 "Chart Check: Bharat Forge, Coal India, HCL Technologies, Bata India")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY BHARATFORG: The stock has taken support at its previous support of Rs 844- Rs 845 levels and is holding the gains from last three sessions. It has been making higher top –higher bottom formation from last eight weeks. It is set to surpass immediate hurdle to head towards Rs 920 and higher levels. So, recommending buying the stock with the stop loss of Rs 860 for the upside immediate target of Rs 920 levels.
BUY COALINDIA: The stock surpassed the immediate hurdle of Rs 330 levels and gave the highest daily close of last six trading sessions. It has been making higher highs – higher lows formation from five trading weeks. It surpassed its falling trend line and now according to its current price placement, the stock is showing the potential for an up move towards Rs 338 zones. So, one can buy the stock with the stop loss of Rs 318 for the upside immediate target of Rs 338 levels.
BUY HCL TECHNOLOGIES: The stock is turning from the support levels and looks attractive in terms of risk reward ratio. It has formed a bullish price structure and fresh built up of long position may take the stock towards Rs 810 levels. Thus recommending buying the stock with the stop loss of Rs 760 for the upside immediate target of Rs 810 levels.
SELL BATA INDIA: The stock is making lower top – lower bottom formation from last four trading sessions as it failed to surpass the multiple hurdle of Rs 547- Rs 550 zone. It is finding sustained selling pressure at the higher levels. It broke its support of Rs 520 levels and is witnessing built up of short position with open interest addition of around 11% in last three sessions. One can sell the stock on a small bounce back move with strict stop loss of Rs 530 for the downside target of Rs 500 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
BUY BHARATFORG: The stock has taken support at its previous support of Rs 844- Rs 845 levels and is holding the gains from last three sessions. It has been making higher top –higher bottom formation from last eight weeks. It is set to surpass immediate hurdle to head towards Rs 920 and higher levels. So, recommending buying the stock with the stop loss of Rs 860 for the upside immediate target of Rs 920 levels.
BUY COALINDIA: The stock surpassed the immediate hurdle of Rs 330 levels and gave the highest daily close of last six trading sessions. It has been making higher highs – higher lows formation from five trading weeks. It surpassed its falling trend line and now according to its current price placement, the stock is showing the potential for an up move towards Rs 338 zones. So, one can buy the stock with the stop loss of Rs 318 for the upside immediate target of Rs 338 levels.
BUY HCL TECHNOLOGIES: The stock is turning from the support levels and looks attractive in terms of risk reward ratio. It has formed a bullish price structure and fresh built up of long position may take the stock towards Rs 810 levels. Thus recommending buying the stock with the stop loss of Rs 760 for the upside immediate target of Rs 810 levels.
SELL BATA INDIA: The stock is making lower top – lower bottom formation from last four trading sessions as it failed to surpass the multiple hurdle of Rs 547- Rs 550 zone. It is finding sustained selling pressure at the higher levels. It broke its support of Rs 520 levels and is witnessing built up of short position with open interest addition of around 11% in last three sessions. One can sell the stock on a small bounce back move with strict stop loss of Rs 530 for the downside target of Rs 500 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