 "Top trading ideas from Chandan Taparia of Anand Rathi")
TCS: BUY
Stop Loss: Rs 2,315
Target: Rs 2,450
It is set to form a bullish engulfing pattern on weekly chart near to the major support zones. It is turning from the oversold territory after taking support at 2,315 zones and the same support worked well in the month of July 2014. Thus also looks attractive in terms of risk reward ratio. It has been moving upwards from last three trading sessions with rising delivery volumes so suggesting to buy with strict stop loss of Rs 2,315 levels for a bounce back target of Rs 2,450 levels.
Stop Loss: Rs 2,315
Target: Rs 2,450
It is set to form a bullish engulfing pattern on weekly chart near to the major support zones. It is turning from the oversold territory after taking support at 2,315 zones and the same support worked well in the month of July 2014. Thus also looks attractive in terms of risk reward ratio. It has been moving upwards from last three trading sessions with rising delivery volumes so suggesting to buy with strict stop loss of Rs 2,315 levels for a bounce back target of Rs 2,450 levels.
Tamil Nadu Newsprint: BUY
Stop Loss: Rs 220
Target: 241
It is all set to surpass its falling supply trend line on daily chart to start a next leg of rally. It has seen a profit booking decline in last three weeks but recently has taken support near to previous resistance of Rs 220 zones. It has been trading above all the moving average and looks strong to witness fresh up move towards Rs 241 and Rs 254 zones. One can buy the stock with stop loss of Rs 220 for the upside immediate target of Rs 241 levels.
Stop Loss: Rs 220
Target: 241
It is all set to surpass its falling supply trend line on daily chart to start a next leg of rally. It has seen a profit booking decline in last three weeks but recently has taken support near to previous resistance of Rs 220 zones. It has been trading above all the moving average and looks strong to witness fresh up move towards Rs 241 and Rs 254 zones. One can buy the stock with stop loss of Rs 220 for the upside immediate target of Rs 241 levels.
VOLTAS: BUY
Stop Loss: Rs 277.50
Target: 296
It is holding the gains above Rs 275 zones from last nine trading sessions even after a sharp decline in the broader market. It has added fresh built up of long position near to support zones and well placed to test recent high of Rs 296-300 zones. One can buy the stock on small decline with stop loss of Rs 277.50 for the upside target of Rs 296 levels.
Stop Loss: Rs 277.50
Target: 296
It is holding the gains above Rs 275 zones from last nine trading sessions even after a sharp decline in the broader market. It has added fresh built up of long position near to support zones and well placed to test recent high of Rs 296-300 zones. One can buy the stock on small decline with stop loss of Rs 277.50 for the upside target of Rs 296 levels.
SYNDICATE BANK: SELL
Stop Loss: Rs 92
Target: Rs 83.50
It is continuously falling from last seven trading sessions and is not ready to witness meaningful recovery near the major support zones. It has also broken its weekly support of 90 zones and now this cluster may continue to provide sustain selling which may cause in built up of short position. Major trend of the stock is negative and shorts are intact by rollover activities so weakness may persist in the counter for next coming sessions. One can sell the stock with stop loss of Rs 92 for the downside target of Rs 83.50 levels.
Stop Loss: Rs 92
Target: Rs 83.50
It is continuously falling from last seven trading sessions and is not ready to witness meaningful recovery near the major support zones. It has also broken its weekly support of 90 zones and now this cluster may continue to provide sustain selling which may cause in built up of short position. Major trend of the stock is negative and shorts are intact by rollover activities so weakness may persist in the counter for next coming sessions. One can sell the stock with stop loss of Rs 92 for the downside target of Rs 83.50 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
Chandan Taparia is a technical analyst with Anand Rathi Retail Research