 "Sell Bharti Airtel: Chandan Taparia of Anand Rathi")
BUY AUROPHARMA: The stock has given a consolidation breakout by forming higher top – higher bottom formation on weekly chart and is holding the gains above its Rs 825-830 levels. It has formed a positive price structure and is sustaining its gains even after selling seen in the broader market. So, recommending buying the stock with the stop loss of Rs 825 for an upside immediate target of Rs 888 levels.
BUY HCLTECH: The stock is turning from the support levels and looks attractive in terms of risk reward ratio. It has taken support at its 50-DMA and closed above its 200-DMA. A follow up buying at the current price juncture may take the stock towards 816 and higher levels. Thus recommending buying the stock with the stop loss of Rs 768 for an upside immediate target of Rs 816 levels.
SELL ABIRLANUVO: The stock had bounced back from Rs 1176 to Rs 1420 zones but is now finding pause in the up move and giving an early sign of topping out formation. It is hovering near its major supply zone and witnessing long liquidation. The recent pull back is giving an opportunity to sell for the sharp downside move towards Rs 1340 and lower levels. One can sell the stock with strict stop loss of Rs 1425 for the downside target of Rs 1340 levels.
SELL BHARTIARTL: The stock is making lower highs lower lows from last two sessions as it failed to surpass the multiple hurdles of Rs 325-326 zone and finding selling pressure at the higher levels. It broke its support of Rs 320 and is witnessing built up of short position as well long liquidation thus supporting our negative view in the stock. One can sell the stock with strict stop loss of Rs 326 for the downside target of 306 levels.
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Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi