 "Chart Check: Tech Mahindra, SKS Microfinance, Escorts, Ramco Industries")
Here are a few trading ideas from Chandan Taparia of Anand Rathi:
RAMCO INDUSTRIES: BUY
STOPLOSS: Rs 92
TARGET: Rs 100
ESCORTS: BUY
STOPLOSS: Rs 144
TARGET: Rs 155
The stock has been making higher top - higher bottom formation from last thirty six trading sessions and crossed its 200 DMA. It gave the highest daily close of last fifty six trading sessions and is holding the gains above its 50 DMA from last five trading sessions. So we are recommending to buy the stock with stop loss of Rs 144 for the upside immediate target of Rs 155 levels.
SKS MICROFINANCE: BUY
STOPLOSS: Rs 528
TARGET: Rs 563
The stock has formed an attractive price pattern and at the current price juncture it is well place to give an extended move price breakout. It had rallied from Rs 457 levels to Rs 542 levels and after a consolidation of last thirteen trading session it is again set to give a fresh rally towards Rs 563 and higher levels with an open interest addition of around 3.30% in previous session. Thus recommending to buy the stock with the stop loss of Rs 528 for the upside target of Rs 563 levels.
TECH MAHINDRA: SELL
STOPLOSS: Rs 470
TARGET: Rs 440
The stock broke its support of Rs 455 levels and has been witnessing selling pressure from last three weeks. It has been continuously witnessing selling pressure at every resistance levels and forming lower top – lower bottom formation. The stock had witnessed a recovery from Rs 407 to Rs 500 levels in the previous series but the recovery was short lived and it again started to decline with active shorts in the counter. Thus one can sell the stock with stop loss of Rs 470 for the downside target of Rs 440 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
RAMCO INDUSTRIES: BUY
STOPLOSS: Rs 92
TARGET: Rs 100
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The stock has given a consolidation breakout and crossed its Rs 94.50-Rs 95.50 levels which were acting as a hurdle from last seven weeks. It crossed and closed above its 50 DMA and gave the highest daily close of last thirty six trading sessions. It is turning from the lower levels thus looks attractive in terms of risk reward ratio. So we are recommending to buy the stock with stop loss of Rs 92 for the upside immediate target of Rs 100 levels.
ESCORTS: BUY
STOPLOSS: Rs 144
TARGET: Rs 155
The stock has been making higher top - higher bottom formation from last thirty six trading sessions and crossed its 200 DMA. It gave the highest daily close of last fifty six trading sessions and is holding the gains above its 50 DMA from last five trading sessions. So we are recommending to buy the stock with stop loss of Rs 144 for the upside immediate target of Rs 155 levels.
SKS MICROFINANCE: BUY
STOPLOSS: Rs 528
TARGET: Rs 563
The stock has formed an attractive price pattern and at the current price juncture it is well place to give an extended move price breakout. It had rallied from Rs 457 levels to Rs 542 levels and after a consolidation of last thirteen trading session it is again set to give a fresh rally towards Rs 563 and higher levels with an open interest addition of around 3.30% in previous session. Thus recommending to buy the stock with the stop loss of Rs 528 for the upside target of Rs 563 levels.
TECH MAHINDRA: SELL
STOPLOSS: Rs 470
TARGET: Rs 440
The stock broke its support of Rs 455 levels and has been witnessing selling pressure from last three weeks. It has been continuously witnessing selling pressure at every resistance levels and forming lower top – lower bottom formation. The stock had witnessed a recovery from Rs 407 to Rs 500 levels in the previous series but the recovery was short lived and it again started to decline with active shorts in the counter. Thus one can sell the stock with stop loss of Rs 470 for the downside target of Rs 440 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi