 "Chart check: Rallis, Dabur, Godrej Industries, Bank of India")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
RALLIS INDIA : BUY
Target: Rs 221
The stock has been making higher top – higher bottom formation on daily and weekly chart by holding the strength. It has crossed its immediate hurdle of Rs 215 zones with volumes and supports are gradually shifting on higher side which indicates an extension of up move from current levels. It is trading above all the short and long term moving averages and all the trends are indicating positive flow of the counter. One can buy the stock with stop loss of Rs 206 for the upside target of Rs 221 levels.
DABUR INDIA : BUY
Target: Rs 312
Stop Loss: Rs 293
The stock has seen a strong price breakout above its immediate hurdle of Rs 300 zones and now fresh leg of rally cannot be ruled out. It has formed an attractive price pattern on daily and weekly chart which has a bullish implication for an immediate move. One can buy the stock with stop loss of Rs 293 for the upside target of Rs 312 levels.
GODREJ INDUSTRIES : BUY
Target: Rs 366
Stop Loss: Rs 345
The stock has come out from its recent consolidation range from Rs 335 to Rs 358 zones. It has surpassed its multiple hurdle of Rs 358 zones with rising volume and open interest activities. It has seen open interest addition of around 11% with positive price flow which indicates that fresh longs are being built in the stock. One can buy the stock with stop loss of Rs 345 for the upside target of Rs 366 levels.
BANK OF INDIA : SELL
Target: Rs 81
Stop Loss: Rs 87
The stock has again failed to surpass its immediate hurdle of Rs 88-89 zones and turning lower with selling in most of the PSU banks. It has seen open interest of around 17% with a decline in price which indicates that fresh shorts are getting grip on the stock which may drag it to lower levels. One can sell the stock with stop loss of Rs 87 for the downside target of Rs 81 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
RALLIS INDIA : BUY
Target: Rs 221
Also Read
Stop Loss: Rs 206
The stock has been making higher top – higher bottom formation on daily and weekly chart by holding the strength. It has crossed its immediate hurdle of Rs 215 zones with volumes and supports are gradually shifting on higher side which indicates an extension of up move from current levels. It is trading above all the short and long term moving averages and all the trends are indicating positive flow of the counter. One can buy the stock with stop loss of Rs 206 for the upside target of Rs 221 levels.
DABUR INDIA : BUY
Target: Rs 312
Stop Loss: Rs 293
The stock has seen a strong price breakout above its immediate hurdle of Rs 300 zones and now fresh leg of rally cannot be ruled out. It has formed an attractive price pattern on daily and weekly chart which has a bullish implication for an immediate move. One can buy the stock with stop loss of Rs 293 for the upside target of Rs 312 levels.
GODREJ INDUSTRIES : BUY
Target: Rs 366
Stop Loss: Rs 345
The stock has come out from its recent consolidation range from Rs 335 to Rs 358 zones. It has surpassed its multiple hurdle of Rs 358 zones with rising volume and open interest activities. It has seen open interest addition of around 11% with positive price flow which indicates that fresh longs are being built in the stock. One can buy the stock with stop loss of Rs 345 for the upside target of Rs 366 levels.
BANK OF INDIA : SELL
Target: Rs 81
Stop Loss: Rs 87
The stock has again failed to surpass its immediate hurdle of Rs 88-89 zones and turning lower with selling in most of the PSU banks. It has seen open interest of around 17% with a decline in price which indicates that fresh shorts are getting grip on the stock which may drag it to lower levels. One can sell the stock with stop loss of Rs 87 for the downside target of Rs 81 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi