 "Top trading ideas from Chandan Taparia of Anand Rathi")
STOP LOSS: Rs 901
TARGET: Rs 957
The stock negated the negative move of last three weeks and has taken support at its multiple support of 901 levels. It is turning from its oversold territory with rising volumes and looks attractive in terms of risk reward ratio. It snapped the losses of last three trading sessions and gave a reversal with a double bottom formation on lower degree chart. One can buy on a small decline the stock with stop loss of Rs 901 for the upside target of Rs 957 levels.
GATEWAY DISTRIPARKS: BUY
STOP LOSS: Rs 320
TARGET: Rs 346
The stock has been continuously holding the support base even after the volatile move in the market. It crossed the daily and weekly hurdle of 327 levels and closed above its 50 DMA with rising trading volumes after seventeen trading sessions. It is not ready to give up even after supply at higher levels which clearly indicates strength in the counter. One can buy the stock with stop loss of Rs 320 for the upside target of Rs 346 levels.
VOLTAS: BUY
STOP LOSS: Rs 277
TARGET: Rs 297
The stock has managed to take support near 277 zones after the profit booking of last ten trading sessions and witnessed fresh built up of long position. In the December series it respected to the same support levels and headed towards 325 zones. We are expecting same kind of behavior to continue as major trend is intact to positive. Thus recommending buying the stock with the stop loss of Rs 277 for the upside target of Rs 297 levels.
UCO BANK: SELL
STOP LOSS: Rs 42.75
TARGET: Rs 38.25
The stock has been making lower top – lower bottom formation with sustained supply pressure along with all the PSU banks. It has a tendency of witnessing selling pressure at every minor attempt to bounce back. It has broken the weekly support and September low of 40.50 zones and registered the fresh 52 weeks lows. It has been witnessing built up of short position even at current levels which has bearish implication for further declines. One can sell the stock with stop loss of Rs 42.75 for the downside target of Rs 38.25 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