 "Top trading ideas from Chandan Taparia of Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
HINDUSTAN UNILEVER : BUY
Target: Rs 940
Stop Loss: Rs 886
The stock has crossed and closed above its multiple hurdle of Rs 900-910 zones and is set to start a fresh leg of rally. It witnessed strong momentum for most part of the day and registered an eleven month high levels. Recently it has taken support near to Rs 885 zones which used to be a crucial hurdle thus confirming a strong pattern of resistance becoming support. One can buy the stock with stop loss of Rs 886 for the upside target of Rs 940 levels.
AMBUJA CEMENTS : BUY
Target: Rs 264
Stop Loss: Rs 247
The stock has been moving upwards from last five weeks and trading above all the short and medium term moving average. It has crossed its immediate hurdle of Rs 255-257 zones and showing inherit strength to continue its positive stance for next coming sessions. It is attractive to buying interest even after such a recovery and range bound move in the broader market which has bullish undertone of the stock. One can buy the stock with stop loss of Rs 247 for the upside target of Rs 264 levels.
CONCOR : BUY
Target: Rs 1505
Stop Loss: Rs 1420
The stock has formed a bullish head and shoulder pattern on weekly chart and has been moving upwards from last three weeks. It has made multiple bottom near to Rs 1300-1320 zones and crossed its immediate hurdle of Rs 1440 levels. It has been holding the strength and immediate support has shifted to Rs 1420 levels. One can buy the stock with stop loss of Rs 1420 for the upside target of Rs 1505 levels.
TCS : SELL
Target: Rs 2405
Stop Loss: Rs 2520
It has been falling down from last four consecutive sessions and broken its weekly support of 2465 zones. It also broke its rising channel formation and witnessing fresh Call writing activities. It has added fresh short position which may continue to keep the stock under the pressure till it doesn’t test the support and completes its negative price territory. One can sell the stock on a small bounce back move with stop loss of Rs 2520 for the downside target of Rs 2405 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
HINDUSTAN UNILEVER : BUY
Target: Rs 940
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Stop Loss: Rs 886
The stock has crossed and closed above its multiple hurdle of Rs 900-910 zones and is set to start a fresh leg of rally. It witnessed strong momentum for most part of the day and registered an eleven month high levels. Recently it has taken support near to Rs 885 zones which used to be a crucial hurdle thus confirming a strong pattern of resistance becoming support. One can buy the stock with stop loss of Rs 886 for the upside target of Rs 940 levels.
AMBUJA CEMENTS : BUY
Target: Rs 264
Stop Loss: Rs 247
The stock has been moving upwards from last five weeks and trading above all the short and medium term moving average. It has crossed its immediate hurdle of Rs 255-257 zones and showing inherit strength to continue its positive stance for next coming sessions. It is attractive to buying interest even after such a recovery and range bound move in the broader market which has bullish undertone of the stock. One can buy the stock with stop loss of Rs 247 for the upside target of Rs 264 levels.
CONCOR : BUY
Target: Rs 1505
Stop Loss: Rs 1420
The stock has formed a bullish head and shoulder pattern on weekly chart and has been moving upwards from last three weeks. It has made multiple bottom near to Rs 1300-1320 zones and crossed its immediate hurdle of Rs 1440 levels. It has been holding the strength and immediate support has shifted to Rs 1420 levels. One can buy the stock with stop loss of Rs 1420 for the upside target of Rs 1505 levels.
TCS : SELL
Target: Rs 2405
Stop Loss: Rs 2520
It has been falling down from last four consecutive sessions and broken its weekly support of 2465 zones. It also broke its rising channel formation and witnessing fresh Call writing activities. It has added fresh short position which may continue to keep the stock under the pressure till it doesn’t test the support and completes its negative price territory. One can sell the stock on a small bounce back move with stop loss of Rs 2520 for the downside target of Rs 2405 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