 "Top trading ideas from Chandan Taparia of Anand Rathi")
LIC HOUSING FINANCE: BUY
Target: Rs 507
Stop Loss: Rs 473
It has been consolidating in a range between Rs 471 to 499 zones from last 14 trading sessions and has managed to hold the multiple support base at Rs 471- 472 zones. The stock is not ready to give up even after sustain supply at higher levels which clearly indicates inherent strength of the counter. It is slowly moving upwards from last two trading sessions and this time has the potential to surpass its immediate hurdle of Rs 499 zones. Looking at the price pattern and over all data we are recommending buying the stock with the strict stop loss of Rs 473 for the upside target of Rs 507 levels.
IDBI Bank: BUY
Target: Rs 90
Stop Loss: Rs 81.50
The stock has registered a highest daily close and trading near to 14 months high levels. It has been making higher top – higher bottom formation and showing strong momentum to continue its southward journey towards 90 and even higher levels. It has crossed immediate hurdle of Rs 85.50-86 zones and supports are also shifting to higher side near to Rs 82-81.50 zones. Traders can buy the stock to continue to play its momentum with stop loss of Rs 81.50 for the upside target of Rs 90 levels.
HCL TECH: BUY
Target: Rs 895
Stop Loss: Rs 836
The stock fell down sharply in the beginning of series from Rs 986 to 811 levels with built up of short position but has taken multiple support near to Rs 812-817 zones and now has been consolidated in a range with upside hurdle near to Rs 870 zones. As per its recent price behavior now if it sustains above Rs 870 zones then may attract a sharp short covering move towards Rs 895-900 levels. One can go long to play the short covering spike with stop loss of Rs 836 for the upside immediate target of Rs 895 levels.
ONGC: SELL
Target: Rs 240
Stop Loss: Rs 258
It failed to hold immediate support of Rs 252 zones and witnessed liquidation of long position as traders opted for reducing their initiated long position in the absence of follow of buying in the counter. It had witnessed a strong recovery in the first two weeks of the series but could not cross Rs 265 zones and turning back to lower levels. We are expecting that momentum may fizzle out and stock can drift down towards Rs 240 zones so recommending to sell the stock with stop loss of Rs 258 for the downside target of Rs 240 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
Target: Rs 507
Stop Loss: Rs 473
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It has been consolidating in a range between Rs 471 to 499 zones from last 14 trading sessions and has managed to hold the multiple support base at Rs 471- 472 zones. The stock is not ready to give up even after sustain supply at higher levels which clearly indicates inherent strength of the counter. It is slowly moving upwards from last two trading sessions and this time has the potential to surpass its immediate hurdle of Rs 499 zones. Looking at the price pattern and over all data we are recommending buying the stock with the strict stop loss of Rs 473 for the upside target of Rs 507 levels.
IDBI Bank: BUY
Target: Rs 90
Stop Loss: Rs 81.50
The stock has registered a highest daily close and trading near to 14 months high levels. It has been making higher top – higher bottom formation and showing strong momentum to continue its southward journey towards 90 and even higher levels. It has crossed immediate hurdle of Rs 85.50-86 zones and supports are also shifting to higher side near to Rs 82-81.50 zones. Traders can buy the stock to continue to play its momentum with stop loss of Rs 81.50 for the upside target of Rs 90 levels.
HCL TECH: BUY
Target: Rs 895
Stop Loss: Rs 836
The stock fell down sharply in the beginning of series from Rs 986 to 811 levels with built up of short position but has taken multiple support near to Rs 812-817 zones and now has been consolidated in a range with upside hurdle near to Rs 870 zones. As per its recent price behavior now if it sustains above Rs 870 zones then may attract a sharp short covering move towards Rs 895-900 levels. One can go long to play the short covering spike with stop loss of Rs 836 for the upside immediate target of Rs 895 levels.
ONGC: SELL
Target: Rs 240
Stop Loss: Rs 258
It failed to hold immediate support of Rs 252 zones and witnessed liquidation of long position as traders opted for reducing their initiated long position in the absence of follow of buying in the counter. It had witnessed a strong recovery in the first two weeks of the series but could not cross Rs 265 zones and turning back to lower levels. We are expecting that momentum may fizzle out and stock can drift down towards Rs 240 zones so recommending to sell the stock with stop loss of Rs 258 for the downside target of Rs 240 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings
Chandan Taparia is a technical analyst with Anand Rathi Retail Research