 "Top buy and sell ideas from Anand Rathi for today's session")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for Friday's session
BUY MARUTI SUZUKI: The stock gave a breakout from its consolidation phase and is holding the support base even after the profit taking seen in the broader market. It reclaimed its 5200 zones and moved above its 50 DMA. According to its current price placement it is set for a fresh rally towards 5240 and higher zones. Thus one can buy the stock with the stop loss of Rs 5,080 for the upside immediate target of Rs 5,240.
BUY BATA INDIA: The stock is giving the signs of bottoming out and is set to start fresh rally after consolidating at the lower levels. The mechanical indicator is also supporting our positive view in the stock and is set to move towards 438 levels. So one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of Rs 410 for the upside immediate target of Rs 438.
SELL APOLLO HOSPITALS: The stock broke the support of 1140 levels and is continuously making lower highs – lower lows from last seven trading sessions. The shorts are intact in the counter with open interest addition of around 6% in previous session. It gave the lowest daily close of one year. Thus recommending to sell the stock with the stop loss of Rs 1,180 levels for the downside target of Rs 1,105.
SELL AXIS BANK: The stock is making lower top – lower bottom formation from last seven weeks and is at the seven series low levels. It broke the support of 442 levels and is continuously witnessing selling pressure. Fresh built up of short position with open interest addition of around 8% previous trading session will support the negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs 452 for the downside target of Rs 428.
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 MARUTI SUZUKI: The stock gave a breakout from its consolidation phase and is holding the support base even after the profit taking seen in the broader market. It reclaimed its 5200 zones and moved above its 50 DMA. According to its current price placement it is set for a fresh rally towards 5240 and higher zones. Thus one can buy the stock with the stop loss of Rs 5,080 for the upside immediate target of Rs 5,240.
BUY BATA INDIA: The stock is giving the signs of bottoming out and is set to start fresh rally after consolidating at the lower levels. The mechanical indicator is also supporting our positive view in the stock and is set to move towards 438 levels. So one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of Rs 410 for the upside immediate target of Rs 438.
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SELL AXIS BANK: The stock is making lower top – lower bottom formation from last seven weeks and is at the seven series low levels. It broke the support of 442 levels and is continuously witnessing selling pressure. Fresh built up of short position with open interest addition of around 8% previous trading session will support the negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs 452 for the downside target of Rs 428.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi