Top buy and sell ideas for Friday's session from Chandan Taparia of Anand Rathi

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

BUY KPIT TECHNOLOGIES

The stock is giving the signs of bottoming out and is set to start fresh rally after consolidating at the lower levels. It has been making higher highs – higher lows from last two sessions and has moved above its 50 DMA. It surpassed the hurdle of  Rs 137 and is set for a fresh rally towards Rs 141 and higher levels. So one can buy the stock to grab the opportunity of attractive risk reward ratio with the stoploss of Rs 132 for the upside immediate target of Rs141.

BUY APOLLO TYRES

The stock has been making higher top –higher bottom formation from last three weeks and has surpassed the hurdle of 199 zones. It gave the highest daily close of last thirty trading sessions and according to its current price placement a further up move towards Rs 206 and higher levels may be seen. Thus one can buy the stock with the stoploss of Rs 194 for the upside immediate target of Rs 206.

BUY MAHINDRA & MAHINDRA

The stock is holding the gains from last four weeks and has formed a short term bottom near Rs 1150-1140 zones. It has a tendency of moving after every steep fall, thus showing the potential to witness some buying action and head towards Rs 1220 and higher levels. It has taken support at the rising trend line and has witnessed fresh built-up of long position. Thus,  one can buy the stock with the stoploss of Rs 1145 for the upside immediate target of Rs 1220.

SELL APOLLO HOSPITALS ENTERPRISE

The stock broke the support of Rs 1215 and failed to surpass Rs 1245-1250 levels. The shorts are intact in the counter with open interest addition of around 5% in previous session. It gave the lowest daily close of last seven trading sessions and according to its current price placement a further decline towards Rs 1180 and lower levels may be seen. One can sell the stock with the stoploss of Rs 1256 for the downside target of Rs 1180 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