Top trading ideas from Anand Rathi: Buy Voltas, NALCO, NIIT Tech

Here are a few trading ideas from Chandan Taparia of Anand Rathi:

NALCO: BUY

Stop Loss: Rs 38

Target: Rs 43.50

It is all set to give multiple breakout on daily, weekly and monthly chart. It has been making higher top – higher bottom formation from last two weeks and gave the highest daily close of last twenty eight trading sessions. It has formed a rounding bottom pattern on daily chart and is now taking support at its 50 DMA.

NIIT TECH: BUY

Stop Loss: Rs 557

Target: Rs 608

It has been consolidating from last 17 – 18 trading sessions and holding the support base. It is trading above its moving averages and continuously forming higher top - higher bottom formation on weekly chart. It has been accumulating at the higher levels indicating that positions are intact in the counter thus supporting our positive view for next coming sessions.

VOLTAS: BUY

Stop Loss: 274

Target: Rs 295

It has been making higher highs – higher lows from last three weeks. It is holding the gains even after the weakness in broader market which indicates inherit strength and potential to head towards higher levels. It is respecting to its support zones and has been witnessing built up of long position.

M&M: SELL

Stop Loss: Rs 1,380

Target: Rs 1,290  

It failed to cross immediate hurdle of Rs 1380 levels and negated the pattern of making higher highs – higher lows of last four weeks. It has seen a strong move from Rs 1180 to Rs 1380 zones and now witnessing liquidation of long followed by fresh short position. It has seen a strong move in last four weeks and now taking a pause so a profit booking decline cannot be ruled out as sustained supply seen from last 2 sessions.

Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.

Chandan Taparia is a technical analyst with Anand Rathi