 "Top trading ideas from Chandan Taparia of Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
HAVELLS INDIA: BUY
Target: Rs 378
The stock is moving after a consolidation of last 13 trading sessions and surpassed its hurdle of Rs 365 levels. It held on the support above its 50 exponential moving average and now the support base is also shifting higher. It gave the highest daily close of last fifteen trading sessions. One can buy the stock with the stop loss of Rs 354 for the upside target of Rs 378 levels.
ASHOK LEYLAND: BUY
Target: Rs 107
Stop Loss: Rs 97.50
The stock is moving after taking multiple supports around 97 zones and turning from the lower levels. It is sustaining above its 200 DMA and snapped the losses of previous three- four trading sessions. It formed a Bullish Marubozu candle on daily chart which indicates a further up move in the stock towards Rs 107 and higher levels. It has been trading in a broader range from last three months and now it has again started to move after taking support at its lower levels. Thus recommending buying the stock with the stop loss of Rs 97.50 for the upside immediate target of Rs 107 levels.
LIC HOUSING: BUY
Target: Rs 500
Stop Loss: Rs 468
The stock surpassed the immediate hurdle of Rs 482-483 levels and edged higher above its consolidation phase of last fifteen trading sessions. It is moving after witnessing built up of long position with open interest addition of around 12% in previous session indicating bulls are intact in the counter. It has formed a bullish price structure thus, indicating a strong up move towards 500 and higher levels. Thus recommending buying the stock with the stop loss of Rs 468 for the upside immediate target of Rs 500 levels.
ADANI PORTS: SELL
Target: Rs 199
Stop Loss: Rs 211
The stock failed to sustain above Rs 211 zones and started to witness weakness. The stock started to decline after liquidation of longs followed by built up of short position. It has a tendency of witnessing selling pressure at every resistance levels from last one year and the current price placement of the counter is also indicating a further decline. So, recommending selling the stock with the stop loss of Rs 211 for the downside target of Rs 199 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
HAVELLS INDIA: BUY
Target: Rs 378
More From This Section
Stop Loss: Rs 354
The stock is moving after a consolidation of last 13 trading sessions and surpassed its hurdle of Rs 365 levels. It held on the support above its 50 exponential moving average and now the support base is also shifting higher. It gave the highest daily close of last fifteen trading sessions. One can buy the stock with the stop loss of Rs 354 for the upside target of Rs 378 levels.
ASHOK LEYLAND: BUY
Target: Rs 107
Stop Loss: Rs 97.50
The stock is moving after taking multiple supports around 97 zones and turning from the lower levels. It is sustaining above its 200 DMA and snapped the losses of previous three- four trading sessions. It formed a Bullish Marubozu candle on daily chart which indicates a further up move in the stock towards Rs 107 and higher levels. It has been trading in a broader range from last three months and now it has again started to move after taking support at its lower levels. Thus recommending buying the stock with the stop loss of Rs 97.50 for the upside immediate target of Rs 107 levels.
LIC HOUSING: BUY
Target: Rs 500
Stop Loss: Rs 468
The stock surpassed the immediate hurdle of Rs 482-483 levels and edged higher above its consolidation phase of last fifteen trading sessions. It is moving after witnessing built up of long position with open interest addition of around 12% in previous session indicating bulls are intact in the counter. It has formed a bullish price structure thus, indicating a strong up move towards 500 and higher levels. Thus recommending buying the stock with the stop loss of Rs 468 for the upside immediate target of Rs 500 levels.
ADANI PORTS: SELL
Target: Rs 199
Stop Loss: Rs 211
The stock failed to sustain above Rs 211 zones and started to witness weakness. The stock started to decline after liquidation of longs followed by built up of short position. It has a tendency of witnessing selling pressure at every resistance levels from last one year and the current price placement of the counter is also indicating a further decline. So, recommending selling the stock with the stop loss of Rs 211 for the downside target of Rs 199 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi