 "Top trading ideas from Chandan Taparia of Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi:
SCHNIEDER: BUY
Target: Rs 155
The stock surpassed the falling trend line and negated the short term trend of making lower top lower bottom by holding above the hurdle of Rs 147 zones. It closed at its eighteen days high levels and is well placed at the current price to edge high towards 155 and higher levels. It is holding its positive stance from last three trading sessions. Thus recommending to buy the stock with the stop loss of Rs 144 levels for the target of Rs 155 levels.
L&T: BUY
Target: Rs 1240
Stop Loss: Rs 1165
The stock gave strong price volume breakout above its hurdle of Rs 1180 levels after the consolidation of last six weeks. It is holding the support base and crossed its 50 day moving average. It surpassed its falling supply trend line thus indicating a turn in its short term negative trend. It also looks attractive in terms of risk reward ratio as it is moving after the fall witnessed in last seven months of around 1000 points. So recommending to buy the stock with the stop loss of Rs 1165 for the upside target of Rs 1240 levels.
AUROBINDO PHARMA: BUY
Target: Rs 715
Stop Loss: Rs 673
The stock has taken multiple support near its oversold territory and rising upside with short covering activities from last five trading sessions. It snapped the losses made in previous two weeks and gave the highest daily close of last seventeen trading sessions. It crossed the immediate hurdle of Rs 695-697 levels and is now showing signs to move upside towards higher levels. So recommending to buy the stock with the stop loss of Rs 673 for the upside target of Rs 715 levels.
BANK OF INDIA: SELL
Target: Rs 90
Stop Loss: Rs 97.50
The stock failed to cross its hurdle of Rs 95.50 levels and is continuously finding hurdle at every resistance levels. It has been making lower top – lower bottom formation on daily, weekly and monthly chart. It has a tendency of witnessing selling pressure at every minor attempt to bounce back. It has been witnessing built up of short position which has bearish implication for further declines. One can sell the stock with stop loss of Rs 97.50 for the downside target of Rs 90 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
SCHNIEDER: BUY
Target: Rs 155
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Stop Loss: Rs 144
The stock surpassed the falling trend line and negated the short term trend of making lower top lower bottom by holding above the hurdle of Rs 147 zones. It closed at its eighteen days high levels and is well placed at the current price to edge high towards 155 and higher levels. It is holding its positive stance from last three trading sessions. Thus recommending to buy the stock with the stop loss of Rs 144 levels for the target of Rs 155 levels.
L&T: BUY
Target: Rs 1240
Stop Loss: Rs 1165
The stock gave strong price volume breakout above its hurdle of Rs 1180 levels after the consolidation of last six weeks. It is holding the support base and crossed its 50 day moving average. It surpassed its falling supply trend line thus indicating a turn in its short term negative trend. It also looks attractive in terms of risk reward ratio as it is moving after the fall witnessed in last seven months of around 1000 points. So recommending to buy the stock with the stop loss of Rs 1165 for the upside target of Rs 1240 levels.
AUROBINDO PHARMA: BUY
Target: Rs 715
Stop Loss: Rs 673
The stock has taken multiple support near its oversold territory and rising upside with short covering activities from last five trading sessions. It snapped the losses made in previous two weeks and gave the highest daily close of last seventeen trading sessions. It crossed the immediate hurdle of Rs 695-697 levels and is now showing signs to move upside towards higher levels. So recommending to buy the stock with the stop loss of Rs 673 for the upside target of Rs 715 levels.
BANK OF INDIA: SELL
Target: Rs 90
Stop Loss: Rs 97.50
The stock failed to cross its hurdle of Rs 95.50 levels and is continuously finding hurdle at every resistance levels. It has been making lower top – lower bottom formation on daily, weekly and monthly chart. It has a tendency of witnessing selling pressure at every minor attempt to bounce back. It has been witnessing built up of short position which has bearish implication for further declines. One can sell the stock with stop loss of Rs 97.50 for the downside target of Rs 90 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi