 "Top trading ideas from Chandan Taparia of Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BANK OF BARODA: BUY
Target: Rs 159
The stock surpassed the falling trend line after taking support at its 35 DMA and closed above its 200 DMA. It has been making higher top – higher bottom formation from last five weeks and gave the highest daily close of last thirty one trading sessions. Thus recommending buying the stock with the stop loss of Rs 148 for the target of Rs 159 levels.
LIC HOUSING: BUY
Target: Rs 515
Stop Loss: Rs 480
The stock crossed and closed above its hurdle of Rs 495 levels after the struggle of last twenty three weeks. It took support at its 50 and 200 Day exponential moving average. It is just few points away from its lifetime high territory and with follow up buying it may head towards 515 and higher levels. So, one can buy the stock with the stop loss Rs 480 for the upside immediate target of Rs 515 levels.
LUPIN: BUY
Target: Rs 1580
Stop Loss: Rs 1490
The stock surpassed the hurdle of 1535 levels and has turned from the support levels with sustained buying interest. It gave the highest daily close of last fifteen trading sessions and started to move after holding onto the support from last 27 trading sessions. The up move is led built up of long position as it added open interest of around 7.50 % in the previous session. So, one can buy the stock with the stop loss 1490 for the upside immediate target of 1580 levels.
BHARAT FORGE: SELL
Target: Rs 724
Stop Loss: Rs 768
The stock failed to cross multiple hurdle of Rs 765-767 zones even after the struggle of last four weeks. It is witnessing sustained selling pressure on every bounce back move which indicates that bears are quite active to push the counter on lower levels. We are expecting same price behavior to continue for next couple of trading sessions as it has been witnessing built up of short as well as liquidation of long position. One can sell on bounce back move with the stop loss of Rs 768 for the downside target of Rs 724 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
BANK OF BARODA: BUY
Target: Rs 159
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Stop Loss: Rs 148
The stock surpassed the falling trend line after taking support at its 35 DMA and closed above its 200 DMA. It has been making higher top – higher bottom formation from last five weeks and gave the highest daily close of last thirty one trading sessions. Thus recommending buying the stock with the stop loss of Rs 148 for the target of Rs 159 levels.
LIC HOUSING: BUY
Target: Rs 515
Stop Loss: Rs 480
The stock crossed and closed above its hurdle of Rs 495 levels after the struggle of last twenty three weeks. It took support at its 50 and 200 Day exponential moving average. It is just few points away from its lifetime high territory and with follow up buying it may head towards 515 and higher levels. So, one can buy the stock with the stop loss Rs 480 for the upside immediate target of Rs 515 levels.
LUPIN: BUY
Target: Rs 1580
Stop Loss: Rs 1490
The stock surpassed the hurdle of 1535 levels and has turned from the support levels with sustained buying interest. It gave the highest daily close of last fifteen trading sessions and started to move after holding onto the support from last 27 trading sessions. The up move is led built up of long position as it added open interest of around 7.50 % in the previous session. So, one can buy the stock with the stop loss 1490 for the upside immediate target of 1580 levels.
BHARAT FORGE: SELL
Target: Rs 724
Stop Loss: Rs 768
The stock failed to cross multiple hurdle of Rs 765-767 zones even after the struggle of last four weeks. It is witnessing sustained selling pressure on every bounce back move which indicates that bears are quite active to push the counter on lower levels. We are expecting same price behavior to continue for next couple of trading sessions as it has been witnessing built up of short as well as liquidation of long position. One can sell on bounce back move with the stop loss of Rs 768 for the downside target of Rs 724 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi