 "Four trading calls from Chandan Taparia")
NIIT TECH: BUY
Target: Rs 500
Stop Loss: Rs 458
It has taken multiple support near its Rs 430 zones and is moving upwards from last three session by crossing its hurdle of Rs 458 and Rs 475 zones. Now the previous hurdle of 458 may act as a support to continue the up move towards Rs 500-510 levels. Thus recommending buying the stock with the stop loss of Rs 458 for the upside target of Rs 500 levels.
BPCL: BUY
Target: Rs 910
Stop Loss: Rs 853
It has been making higher lows from last three weeks and holding the support which is shifting to higher levels even after the volatility in broader market. It crossed the immediate hurdle of 890 levels and closed near the 50 DMA. Overall the trend of the stock is positive and after the recent consolidation it is set to start fresh rally towards 910 and higher levels. Thus recommending buying the stock with the stop loss of Rs 853 for the upside target of Rs 910 levels.
NMDC: SELL
Target: Rs 89
Stop Loss: Rs 98
It has been making lower highs – lower lows from last three trading sessions and is hovering near the lifetime low levels. It has formed a weak structure and has been making lower top – lower bottom formation. It is witnessing built up of short position and these shorts are intact in the counter with short rollover from previous series to current series. One can sell the stock with stop loss of Rs 98 for the downside target of Rs 89 levels.
AMBUJA CEMENTS: SELL
Target: Rs 196
Stop Loss: Rs 213
It has recently failed to cross its multiple hurdles of Rs 215-213 zones and falling towards lower levels. It witnesses correction at every minor attempt to bounce back from last five series and has also broken immediate support of Rs 205-203 levels. It is hovering near the 52 weeks lows and holding below Rs 206 may drag it to lower levels. It is also adding fresh built up of short position and may slide towards Rs 198 and lower zones. Traders can sell the stock with stop loss of Rs 213 for the downside target of Rs 196 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 500
Stop Loss: Rs 458
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It has taken multiple support near its Rs 430 zones and is moving upwards from last three session by crossing its hurdle of Rs 458 and Rs 475 zones. Now the previous hurdle of 458 may act as a support to continue the up move towards Rs 500-510 levels. Thus recommending buying the stock with the stop loss of Rs 458 for the upside target of Rs 500 levels.
BPCL: BUY
Target: Rs 910
Stop Loss: Rs 853
It has been making higher lows from last three weeks and holding the support which is shifting to higher levels even after the volatility in broader market. It crossed the immediate hurdle of 890 levels and closed near the 50 DMA. Overall the trend of the stock is positive and after the recent consolidation it is set to start fresh rally towards 910 and higher levels. Thus recommending buying the stock with the stop loss of Rs 853 for the upside target of Rs 910 levels.
NMDC: SELL
Target: Rs 89
Stop Loss: Rs 98
It has been making lower highs – lower lows from last three trading sessions and is hovering near the lifetime low levels. It has formed a weak structure and has been making lower top – lower bottom formation. It is witnessing built up of short position and these shorts are intact in the counter with short rollover from previous series to current series. One can sell the stock with stop loss of Rs 98 for the downside target of Rs 89 levels.
AMBUJA CEMENTS: SELL
Target: Rs 196
Stop Loss: Rs 213
It has recently failed to cross its multiple hurdles of Rs 215-213 zones and falling towards lower levels. It witnesses correction at every minor attempt to bounce back from last five series and has also broken immediate support of Rs 205-203 levels. It is hovering near the 52 weeks lows and holding below Rs 206 may drag it to lower levels. It is also adding fresh built up of short position and may slide towards Rs 198 and lower zones. Traders can sell the stock with stop loss of Rs 213 for the downside target of Rs 196 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