Technical buy and sell calls by Chandan Taparia of Anand Rathi

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

BUY AMBUJA CEMENTS

The stock has taken multiple supports near Rs 825-830 zones and surpassed its immediate hurdle of Rs 218. However, medium-term trend is still in pressure but the way it has bottomed out might see a support based buying activities. It looks attractive in terms of risk reward ratio, so one can buy with the stoploss of Rs 212 for the upside immediate target of Rs 224.50.

BUY SUNDRAM FASTENERS

The stock inched higher from its consolidation phase and gave the highest daily close of last forty seven trading sessions. It surpassed the hurdle of Rs 320 and is making higher lows from last three weeks. It is well placed to head towards Rs 330 and higher levels, thus, one can buy the stock with the stoploss of Rs 310 for the upside immediate target of Rs 330.

BUY CASTROL INDIA

The stock is making higher top-higher bottom formation from last three weeks and surpassed the hurdle of Rs 400. It witnessed huge built-up of long position with open interest addition of around 5% in previous session. One can buy the stock with the stoploss of Rs 392 for the upside target of Rs 416.

SELL SUN PHARMA

The stock has failed to surpass its multiple hurdles of Rs 655 and started to witness built-up of short position. It has broken its support of Rs 645 and holding below the same may cause a profit booking decline towards Rs 630. Thus, one can sell the stock on a small bounce-back move with the strict stoploss of Rs 670 for the downside target of Rs 630.

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

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