 "Top trading ideas from Anand Rathi: Buy HUL, Coal India, Tata Steel")
HUL: BUY
Stop Loss: Rs 808
Target: Rs 865
It has taken multiple support and now that support has shifted to its 50 DMA. It has been making higher top - higher bottom formation from last twelve trading sessions and crossed and closed above the hurdle of Rs 832 zones. It gave the highest daily close of last fifty six trading session. It is set to start an up move after the long consolidation of last twelve weeks.
Stop Loss: Rs 808
Target: Rs 865
It has taken multiple support and now that support has shifted to its 50 DMA. It has been making higher top - higher bottom formation from last twelve trading sessions and crossed and closed above the hurdle of Rs 832 zones. It gave the highest daily close of last fifty six trading session. It is set to start an up move after the long consolidation of last twelve weeks.
COAL INDIA: BUY
Stop Loss: Rs 329
Target: Rs 360
It has recently bottomed out by taking support near to Rs 330-332 zones and showing strength to continue it upside momentum. It crossed and closed above its hurdle of 50 DMA. Now support based buying may take it to 360 and higher zones. It is moving after long accumulation thus looks attractive in terms of risk reward ratio.
Stop Loss: Rs 329
Target: Rs 360
It has recently bottomed out by taking support near to Rs 330-332 zones and showing strength to continue it upside momentum. It crossed and closed above its hurdle of 50 DMA. Now support based buying may take it to 360 and higher zones. It is moving after long accumulation thus looks attractive in terms of risk reward ratio.
TATA STEEL: BUY
Stop Loss: Rs 230
Target: Rs 247
It has been making higher top – higher bottom formation from last four weeks and showing the sign of bottoming out at its multiple support of 213-215 zones. It has given a small price volume breakout from the consolidation of last nineteen trading sessions.
Stop Loss: Rs 230
Target: Rs 247
It has been making higher top – higher bottom formation from last four weeks and showing the sign of bottoming out at its multiple support of 213-215 zones. It has given a small price volume breakout from the consolidation of last nineteen trading sessions.
EXIDE INDUSTRIES: SELL
Stop Loss: Rs 152
Target: Rs 141
It failed to cross 151 zones even after recovery in the broader market and shorts are again being active in the counter. It has tendency of witnessing sustain pressure after an every bounce back move and we are expecting this behavior to continue as per its price and open interest data.
Stop Loss: Rs 152
Target: Rs 141
It failed to cross 151 zones even after recovery in the broader market and shorts are again being active in the counter. It has tendency of witnessing sustain pressure after an every bounce back move and we are expecting this behavior to continue as per its price and open interest data.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
Chandan Taparia is a technical analyst with Anand Rathi