 "Top trading ideas from Anand Rathi: Buy Lupin, Crompton Greaves")
LUPIN: BUY
Target: Rs 1,925
Stop Loss: Rs 1,806
It has recently bottomed out by taking support near to Rs 1791-1800 zones and showing strength to continue it upside momentum. It edged higher towards its 50 DMA and crossed and closed above the hurdle of Rs 1870 levels. Recently it fell from 2096 to 1759 levels and is moving after the consolidation of last four weeks.
Target: Rs 1,925
Stop Loss: Rs 1,806
It has recently bottomed out by taking support near to Rs 1791-1800 zones and showing strength to continue it upside momentum. It edged higher towards its 50 DMA and crossed and closed above the hurdle of Rs 1870 levels. Recently it fell from 2096 to 1759 levels and is moving after the consolidation of last four weeks.
CROMPTON GREAVES: BUY
Target: Rs 205
Stop Loss: Rs 190
It gave a breakout from recent consolidation phase on daily chart and crossed the hurdle of 199 levels. It managed to hold the support of 190 zones and showing strong even after the market consolidation. It registered 52 weeks high at Rs 202.90 levels with highest daily close thus indicating fresh rally towards Rs 205 and higher levels.
Target: Rs 205
Stop Loss: Rs 190
It gave a breakout from recent consolidation phase on daily chart and crossed the hurdle of 199 levels. It managed to hold the support of 190 zones and showing strong even after the market consolidation. It registered 52 weeks high at Rs 202.90 levels with highest daily close thus indicating fresh rally towards Rs 205 and higher levels.
ALLAHABAD BANK: SELL
Target: Rs 73
Stop Loss: Rs 81
It witnessed a recovery from Rs 73 to 78 zones in last two weeks but failed to cross the hurdle of Rs 79-80 zones. It is witnessing call writing at Rs 90 strikes and also negated the pattern of making higher highs - higher lows of last three trading session. The overall structure of the stock is negative and it witnesses selling at every bounce.
Target: Rs 73
Stop Loss: Rs 81
It witnessed a recovery from Rs 73 to 78 zones in last two weeks but failed to cross the hurdle of Rs 79-80 zones. It is witnessing call writing at Rs 90 strikes and also negated the pattern of making higher highs - higher lows of last three trading session. The overall structure of the stock is negative and it witnesses selling at every bounce.
MOTHERSON SUMI: SELL
Target: Rs 278
Stop Loss: Rs 295
It has been making lower top – lower bottom formation from last five trading sessions. It failed to surpass the hurdle of falling supply trend line and negated the positive move of last five weeks. We are expecting a further negativity as shorts are being active in the counter.
Stop Loss: Rs 295
It has been making lower top – lower bottom formation from last five trading sessions. It failed to surpass the hurdle of falling supply trend line and negated the positive move of last five weeks. We are expecting a further negativity as shorts are being active in the counter.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi