 "Top trading ideas from Chandan Taparia of Anand Rathi")
BUY SYNGENE:
STOP LOSS: Rs 355
TARGET: Rs 385
The major trend of the stock is positive and it has a tendency of turning form the support levels and we are expecting a continuation in the behavior of the counter. Its support is shifting to higher levels and now it may continue the up move towards 385 and higher levels. Thus, recommending buying the stock on a small decline with the stop loss of Rs 355 for the upside target of Rs 385 levels.
STOP LOSS: Rs 374
TARGET: Rs 405
The stock has been holding the gains from last three weeks and is showing the sign of resilience even after the drastic fall in broader market. It steadily turned from the lower levels and moving upside as it is comparatively less beta counter so may move upside even if there is decline in the broader market. Thus, recommending buying the stock on decline with the stop loss of Rs 374 for the upside target of Rs 405 levels.
SELL HINDALCO:
STOP LOSS: Rs 67
TARGET: Rs 61
The major trend of the stock is intact to weak and witnessed fresh selling after breaking its support of 66 levels. It witnesses sustain selling pressure at every small bounce back and hit fresh 6 yearly low levels on last session. It has seen fresh built up of short position even at current levels with an open interest addition of around 18% in the current series. One can sell the stock on bounce back move with stop loss of Rs 67 for the downside target of Rs 61 levels.
SELL TITAN:
STOP LOSS: Rs 370
TARGET: Rs 349
The stock has rallied well in previous three weeks and now started to decline as it failed to cross its multiple hurdle of 375-377 zones. It has given an up move from 326 to 376 zones so a profit booking decline of recent move cannot be ruled out as fresh shorts started to build in the counter. It has behavior of turning from the resistance levels and we are expecting the same to continue. So recommending selling the stock with the stop loss of Rs 370 for the downside target of Rs 349 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 355
TARGET: Rs 385
The major trend of the stock is positive and it has a tendency of turning form the support levels and we are expecting a continuation in the behavior of the counter. Its support is shifting to higher levels and now it may continue the up move towards 385 and higher levels. Thus, recommending buying the stock on a small decline with the stop loss of Rs 355 for the upside target of Rs 385 levels.
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BUY BAJAJ CORP:
STOP LOSS: Rs 374
TARGET: Rs 405
The stock has been holding the gains from last three weeks and is showing the sign of resilience even after the drastic fall in broader market. It steadily turned from the lower levels and moving upside as it is comparatively less beta counter so may move upside even if there is decline in the broader market. Thus, recommending buying the stock on decline with the stop loss of Rs 374 for the upside target of Rs 405 levels.
SELL HINDALCO:
STOP LOSS: Rs 67
TARGET: Rs 61
The major trend of the stock is intact to weak and witnessed fresh selling after breaking its support of 66 levels. It witnesses sustain selling pressure at every small bounce back and hit fresh 6 yearly low levels on last session. It has seen fresh built up of short position even at current levels with an open interest addition of around 18% in the current series. One can sell the stock on bounce back move with stop loss of Rs 67 for the downside target of Rs 61 levels.
SELL TITAN:
STOP LOSS: Rs 370
TARGET: Rs 349
The stock has rallied well in previous three weeks and now started to decline as it failed to cross its multiple hurdle of 375-377 zones. It has given an up move from 326 to 376 zones so a profit booking decline of recent move cannot be ruled out as fresh shorts started to build in the counter. It has behavior of turning from the resistance levels and we are expecting the same to continue. So recommending selling the stock with the stop loss of Rs 370 for the downside target of Rs 349 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi