 "Stock tips from Anand Rathi: Buy BPCL, Bajaj Corp; Sell Bank of India, IDFC")
BPCL: BUY
STOP LOSS: Rs 872
TARGET: Rs 925
It has again started to move after the recent price and time consolidation of last week. Overall trend of the stock is positive and fresh buying interest seen in all the oil marketing companies with higher trading volumes. It is holding the support base even after the decline in the market thus indicating strength in the counter. Traders can buy the stock with stop loss of 872 for the upside target of 925 levels.
STOP LOSS: Rs 480
TARGET: Rs 512
It is hovering near to the lifetime high levels and is moving after retracing the weakness of April and May months. It gave the highest daily close above its 50, 35 and 200 DMA even after the decline in the broader market. So we are recommending buying the stock with stop loss of 480 levels for the immediate upside target of 512 levels.
BANKOFINDIA: SELL
STOP LOSS: Rs 178
TARGET: Rs 166
The stock has marked multiple hurdles at 188-190 level and has been making lower top - lower bottom formation. It has added short positions with shorts rollover from last series to current series. It failed to continue its recent bounce back move and is again stuck in the bears grip indicating weakness in the stock. Thus one can sell the stock on small bounce back move with a stop loss of 178 levels for the downside target of 166 levels.
IDFC: SELL
STOP LOSS: Rs 144
TARGET: Rs 135
The stock is continuously trading in weakness from last six months and witnessing selling pressure at every minor attempt to bounce back. It is trading at six months low levels and has been making lower top ? lower bottom formation. Thus one can sell the stock on small bounce back move with a stop loss of 144 levels for the downside target of 135 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
STOP LOSS: Rs 872
TARGET: Rs 925
It has again started to move after the recent price and time consolidation of last week. Overall trend of the stock is positive and fresh buying interest seen in all the oil marketing companies with higher trading volumes. It is holding the support base even after the decline in the market thus indicating strength in the counter. Traders can buy the stock with stop loss of 872 for the upside target of 925 levels.
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BAJAJCORP: BUY
STOP LOSS: Rs 480
TARGET: Rs 512
It is hovering near to the lifetime high levels and is moving after retracing the weakness of April and May months. It gave the highest daily close above its 50, 35 and 200 DMA even after the decline in the broader market. So we are recommending buying the stock with stop loss of 480 levels for the immediate upside target of 512 levels.
BANKOFINDIA: SELL
STOP LOSS: Rs 178
TARGET: Rs 166
The stock has marked multiple hurdles at 188-190 level and has been making lower top - lower bottom formation. It has added short positions with shorts rollover from last series to current series. It failed to continue its recent bounce back move and is again stuck in the bears grip indicating weakness in the stock. Thus one can sell the stock on small bounce back move with a stop loss of 178 levels for the downside target of 166 levels.
IDFC: SELL
STOP LOSS: Rs 144
TARGET: Rs 135
The stock is continuously trading in weakness from last six months and witnessing selling pressure at every minor attempt to bounce back. It is trading at six months low levels and has been making lower top ? lower bottom formation. Thus one can sell the stock on small bounce back move with a stop loss of 144 levels for the downside target of 135 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