 "Four trading ideas from Chandan Taparia")
SINTEX: BUY
Target: Rs 107
Stop Loss: Rs 95
TECH MAHINDRA: BUY
Target: Rs 595
Stop Loss: Rs 565
It has rallied well in last two months and has now has been making higher highs- higher lows from last four trading sessions. It is holding well above its 50 DMA and gave the highest daily close since 27th, May, 2015. It is making rounding bottom formation and holding above Rs 565 may start fresh rally. Thus traders can buy the stock with stop loss of Rs 541 for the upside target of Rs 595 levels.
IDFC: BUY
Target: Rs 144
Stop Loss: Rs 133
It has made a strong bottom formation with rising trading volumes from last three trading sessions. It crossed immediate hurdle of Rs 132 and Rs 135 zones and witnessed short covering move. As per the recent data and price behavior it is well placed to see the next round of momentum towards Rs 144 and higher levels. One can go long in the counter with the stop loss of Rs 133 for the upside target of Rs 144 levels.
TATA STEEL: SELL
Target: Rs 221
Stop Loss: Rs 237
It has been making lower top lower bottom formation from last one year. Recently it bounced back from Rs 200 to Rs 244 levels but this recovery seems to be short lived as bears are again taking grip in the counter. It is falling down from last two trading sessions even after recovery in the broader market which show inherent weakness in the counter. Thus recommending to sell the stock with the stop loss of Rs 237 for the downside target of Rs 221 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 107
Stop Loss: Rs 95
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It has been making higher top- higher bottom formation from last four weeks and holding the gains above 50 DMA. It is also making higher lows from last four consecutive weeks and support base in continuously shifting to higher levels with significant rise in trading volumes. So we are recommending to buy the stock with stop loss of Rs 95 for the upside immediate target of Rs 107 levels.
TECH MAHINDRA: BUY
Target: Rs 595
Stop Loss: Rs 565
It has rallied well in last two months and has now has been making higher highs- higher lows from last four trading sessions. It is holding well above its 50 DMA and gave the highest daily close since 27th, May, 2015. It is making rounding bottom formation and holding above Rs 565 may start fresh rally. Thus traders can buy the stock with stop loss of Rs 541 for the upside target of Rs 595 levels.
IDFC: BUY
Target: Rs 144
Stop Loss: Rs 133
It has made a strong bottom formation with rising trading volumes from last three trading sessions. It crossed immediate hurdle of Rs 132 and Rs 135 zones and witnessed short covering move. As per the recent data and price behavior it is well placed to see the next round of momentum towards Rs 144 and higher levels. One can go long in the counter with the stop loss of Rs 133 for the upside target of Rs 144 levels.
TATA STEEL: SELL
Target: Rs 221
Stop Loss: Rs 237
It has been making lower top lower bottom formation from last one year. Recently it bounced back from Rs 200 to Rs 244 levels but this recovery seems to be short lived as bears are again taking grip in the counter. It is falling down from last two trading sessions even after recovery in the broader market which show inherent weakness in the counter. Thus recommending to sell the stock with the stop loss of Rs 237 for the downside target of Rs 221 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