 "Top trading ideas: Buy Voltas, IndusInd Bank; Sell Sun Pharma")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for Wednesday's session:
BUY VOLTAS INDIA: The stock formed a strong bullish candle after the decline witnessed in the previous session and moved above its 50 and 200 DMA. It has taken support at the rising support trend and if follow up buying continues in the stock a fresh rally cannot be ruled out. It surpassed the hurdle of 330 zones and the support base is also shifting higher in the stock thus recommending to buy the stock with the stop loss Rs 318 for the upside target of Rs 338.
BUY INDUSIND BANK: The stock has been making higher highs – higher lows from last three trading sessions and moved above the hurdle of 1100 levels. It has been consolidating from last seven weeks and holding the support base around its 50 weekly moving average. Thus one can buy the stock with the stop loss of Rs 1,068 for the upside immediate target of Rs 1,135.
SELL SUN PHARMA: The stock is making lower highs from last four weeks and failed to recover with the recovery in the broader market. It is witnessing fresh built up of short position and is showing a tendency of witnessing selling pressure at every attempt to bounce. We are expecting the same to continue towards Rs 600 and lower levels. So, one can sell the stock with the stop loss Rs 640 for the downside immediate target of Rs 600.
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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 VOLTAS INDIA: The stock formed a strong bullish candle after the decline witnessed in the previous session and moved above its 50 and 200 DMA. It has taken support at the rising support trend and if follow up buying continues in the stock a fresh rally cannot be ruled out. It surpassed the hurdle of 330 zones and the support base is also shifting higher in the stock thus recommending to buy the stock with the stop loss Rs 318 for the upside target of Rs 338.
BUY INDUSIND BANK: The stock has been making higher highs – higher lows from last three trading sessions and moved above the hurdle of 1100 levels. It has been consolidating from last seven weeks and holding the support base around its 50 weekly moving average. Thus one can buy the stock with the stop loss of Rs 1,068 for the upside immediate target of Rs 1,135.
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BUY LIC HOUSING FINANCE: The stock has taken support near 530 zones and surpassed the falling supply trend line. It witnessed fresh built up of long position and looks attractive in terms of risk reward ratio. According to its current placement it is set to head towards 574 and higher levels. Thus one can buy the stock with the stop loss of Rs 539 for the upside immediate target of Rs 574.
SELL SUN PHARMA: The stock is making lower highs from last four weeks and failed to recover with the recovery in the broader market. It is witnessing fresh built up of short position and is showing a tendency of witnessing selling pressure at every attempt to bounce. We are expecting the same to continue towards Rs 600 and lower levels. So, one can sell the stock with the stop loss Rs 640 for the downside immediate target of Rs 600.
============================
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi