 "Stock tips from Anand Rathi: Buy Voltas, NIIT Tech; Sell Vedanta")
VOLTAS: BUY
Stop Loss: Rs 284
Target: Rs 303
It has been making higher highs – higher lows from last three weeks. It is taking support at its 50 DMA and rising upside with buying interest at every minor push which indicates inherit strength and potential to head towards higher levels.
Stop Loss: Rs 284
Target: Rs 303
It has been making higher highs – higher lows from last three weeks. It is taking support at its 50 DMA and rising upside with buying interest at every minor push which indicates inherit strength and potential to head towards higher levels.
NIIT TECH: BUY
Stop Loss: Rs 575
Target: Rs 611
It gave a breakout from the consolidation of last 17 – 18 trading sessions and edged higher even after selling being witnessed in the broader market. 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.
Stop Loss: Rs 575
Target: Rs 611
It gave a breakout from the consolidation of last 17 – 18 trading sessions and edged higher even after selling being witnessed in the broader market. 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.
ALLAHABAD BANK: SELL
Stop Loss: Rs 77
Target: Rs 69.50
It witnessed a recovery from Rs 73 to Rs 78 zones in last two weeks but failed to cross the hurdle of Rs 79-80 zones. It has been forming lower highs – lower lows from last three trading sessions. The overall structure of the stock is negative and it witnesses selling at every bounce.
Stop Loss: Rs 77
Target: Rs 69.50
It witnessed a recovery from Rs 73 to Rs 78 zones in last two weeks but failed to cross the hurdle of Rs 79-80 zones. It has been forming lower highs – lower lows from last three trading sessions. The overall structure of the stock is negative and it witnesses selling at every bounce.
VEDANTA: SELL
Stop Loss: Rs 96
Target: Rs 88.50
It failed to cross the hurdle of Rs 95 zones and again landed in the hands of bears. It is witnessing call writing at Rs 95 and Rs 100 strikes with built up of short position. It is continuously finding hurdle near at its falling supply trend line and has comparatively weak structure than other stocks of the same sector.
Stop Loss: Rs 96
Target: Rs 88.50
It failed to cross the hurdle of Rs 95 zones and again landed in the hands of bears. It is witnessing call writing at Rs 95 and Rs 100 strikes with built up of short position. It is continuously finding hurdle near at its falling supply trend line and has comparatively weak structure than other stocks of the same sector.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi