Technical buy and sell calls by Chandan Taparia of Anand Rathi

Here are a few trading ideas from Chandan Taparia of Anand Rathi for Monday's session:

BUY NMDC

The stock is trading at its 52 weeks high levels and surpassed the hurdle of Rs 142. It has been making higher top-higher bottom formation from last two weeks and has formed an attractive price structure. It has given a strong breakout on its daily and weekly charts and is well placed to head towards Rs 149 and higher levels. Thus, one can buy the stock with the stoploss of Rs 138 for the upside immediate target of Rs 149.

BUY HDFC

The stock is holding onto the support levels and is giving the signs of bottom formation at its multiple supports around Rs 1200. It gave a breakout from its recent consolidation phase of last eight trading sessions. It gave the highest daily close of last nine trading sessions and according to its current price structure it is well placed to head towards Rs 1280 and higher levels. Thus one can buy the stock with the stoploss of Rs 1210 for the upside immediate target of Rs 1280. 

BUY GAIL

The stock is making higher highs-higher lows from last three weeks and gave the highest weekly close of last two years. It is trading near its 52-week high levels and witnessed fresh built up of long position with open interest addition of around 10% indicating longs are intact in the counter even at current price juncture which is showing strength in the counter. Thus, one can buy the stock with the stoploss of Rs 437 for the upside immediate target of Rs 464.

SELL BAJAJ-AUTO

The stock has failed to continue its bounce-back move after the recovery in previous week. It is showing a tendency of witnessing selling pressure after every meaningful bounce,  so bears may get the grip to drag it on lower levels. It broke the support of Rs 2720 and has seen fresh short addition. Thus, one can sell the stock with the stoploss of Rs 2800 for the downside immediate target of Rs 2630.

Disclaimer: We are suggesting these stocks to our clients but not personal holdings.

Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi