 "Three stocks you can buy today")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY COALINDIA: The stock crossed and closed above its 200 weekly moving average and is making higher top – higher bottom formation from last two weeks. It may extend its up move for next coming sessions. It surpassed the hurdle of 327 zones and gave the highest daily close of last twenty two trading sessions. It is showing the potential to head towards 338 and higher levels as per its current price placement. So, one can buy the stock with the stop loss of 318 for the upside immediate target of 338 levels.
BUY INDIACEM: The stock is continuously moving upward and taking support at the rising trend line. It gave a consolidation breakout and surpassed the hurdle of 161 levels. It gave the second highest close of last one year. Now it is well placed to start fresh rally towards 165 and higher levels. So, recommending buying the stock with the stop loss of 153 for the upside immediate target of 165 levels.
SELL GODREJCP: The stock failed to hold its 1600 zones and witnessed selling towards 1568 levels. Fresh built up of short position with open interest addition of around 19% in previous session in the counter may drag it to further lower levels. One can sell the stock on a small bounce back move with strict stop loss of 1640 for the downside target of 1544 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
BUY COALINDIA: The stock crossed and closed above its 200 weekly moving average and is making higher top – higher bottom formation from last two weeks. It may extend its up move for next coming sessions. It surpassed the hurdle of 327 zones and gave the highest daily close of last twenty two trading sessions. It is showing the potential to head towards 338 and higher levels as per its current price placement. So, one can buy the stock with the stop loss of 318 for the upside immediate target of 338 levels.
BUY INDIACEM: The stock is continuously moving upward and taking support at the rising trend line. It gave a consolidation breakout and surpassed the hurdle of 161 levels. It gave the second highest close of last one year. Now it is well placed to start fresh rally towards 165 and higher levels. So, recommending buying the stock with the stop loss of 153 for the upside immediate target of 165 levels.
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BUY TATAMOTORS: The stock has managed to sustain its support levels and hold above its 520 levels. It has been holding its positive stance from last eight series. The longs are intact in the counters even at current levels indicating the support might be held in the counter for an up move towards 542 and higher levels. So, recommending buying the stock with the stop loss of 512 for the upside immediate target of 542 levels.
SELL GODREJCP: The stock failed to hold its 1600 zones and witnessed selling towards 1568 levels. Fresh built up of short position with open interest addition of around 19% in previous session in the counter may drag it to further lower levels. One can sell the stock on a small bounce back move with strict stop loss of 1640 for the downside target of 1544 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi