 "Top trading ideas from Chandan Taparia of Anand Rathi")
BUY PETRONET LNG
STOP LOSS: Rs 245
TARGET: RS 262
It moved after the consolidation of last two weeks and closed above the hurdle of 255 levels. It has taken multiple support near to 240 zones and also respected to its 50 DMA on daily chart. It negated the negativity of last three weeks and now a further up move towards 262 and higher levels may be witnessed in coming sessions. Thus recommending buying the stock with the stop loss of Rs 245 for the upside target of Rs 262 levels.
STOP LOSS: Rs 1,438
TARGET: RS 1,530
The stock crossed the hurdle of 1500 levels and headed towards its lifetime high levels after the struggle of last sixteen weeks. It gave the highest daily close and is holding its long term positive stance. It has been continuously respecting its 50 DMA on weekly chart even after the volatility swing witnessed in the broader market. Thus a further up move towards the new lifetime high territory cannot be ruled out. So recommending buying the stock with the stop loss of Rs 1,438 for the upside target of Rs 1,530 levels.
SELL BATA INDIA
STOP LOSS: Rs 481
TARGET: Rs 454
It is continuously trading in bear grip and falling down after every small bounce back move. Recently, it failed to hold above its hurdle of 500 levels and fell back in the bears grip with rising selling pressure. It has been making lower top – lower bottom formation from last one year and is continuously finding hurdle at its falling supply trend line. One can sell the stock with stop loss of Rs 481 for the downside target of Rs454 levels.
SELL JINDAL STEEL
STOP LOSS: Rs 68
TARGET: Rs 62
It witnessed a recovery from 56 to 67 zones in previous two weeks but failed to hold it and started to decline with call writing at 65 and 70 strike. It has been continuously trading in bears grip and making lower top lower bottom formation on daily, weekly and monthly chart. The overall structure of the stock is negative and it witnesses selling pressure at every small bounce. Thus, recommending selling the stock with the stop loss of Rs 68 for the downside target of Rs 62 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
STOP LOSS: Rs 245
TARGET: RS 262
It moved after the consolidation of last two weeks and closed above the hurdle of 255 levels. It has taken multiple support near to 240 zones and also respected to its 50 DMA on daily chart. It negated the negativity of last three weeks and now a further up move towards 262 and higher levels may be witnessed in coming sessions. Thus recommending buying the stock with the stop loss of Rs 245 for the upside target of Rs 262 levels.
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BUY APOLLO HOSPITAL
STOP LOSS: Rs 1,438
TARGET: RS 1,530
The stock crossed the hurdle of 1500 levels and headed towards its lifetime high levels after the struggle of last sixteen weeks. It gave the highest daily close and is holding its long term positive stance. It has been continuously respecting its 50 DMA on weekly chart even after the volatility swing witnessed in the broader market. Thus a further up move towards the new lifetime high territory cannot be ruled out. So recommending buying the stock with the stop loss of Rs 1,438 for the upside target of Rs 1,530 levels.
SELL BATA INDIA
STOP LOSS: Rs 481
TARGET: Rs 454
It is continuously trading in bear grip and falling down after every small bounce back move. Recently, it failed to hold above its hurdle of 500 levels and fell back in the bears grip with rising selling pressure. It has been making lower top – lower bottom formation from last one year and is continuously finding hurdle at its falling supply trend line. One can sell the stock with stop loss of Rs 481 for the downside target of Rs454 levels.
SELL JINDAL STEEL
STOP LOSS: Rs 68
TARGET: Rs 62
It witnessed a recovery from 56 to 67 zones in previous two weeks but failed to hold it and started to decline with call writing at 65 and 70 strike. It has been continuously trading in bears grip and making lower top lower bottom formation on daily, weekly and monthly chart. The overall structure of the stock is negative and it witnesses selling pressure at every small bounce. Thus, recommending selling the stock with the stop loss of Rs 68 for the downside target of Rs 62 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi