 "Top trading ideas from Chandan Taparia of Anand Rathi")
Here are a few trading strategies by Chandan Taparia of Anand Rathi for trade today:
BUY VOLTAS: The stock gave a price volume breakout from the consolidation of last seven trading sessions. It held onto the support base from last seven trading sessions even after the profit taking seen in the broader market and surpassed the hurdle of Rs 362-365 levels. It gave the second highest daily close and is well placed to continue its up move in the unchartered territory towards Rs 376 and higher levels. So, one can buy the stock with the stop loss of Rs 352 levels for the upside target of Rs 376 levels.
BUY ZEE ENTERTAINMENT: The stock has been making higher top – higher bottom formation from last seven weeks and trading near its lifetime high levels. The support base is shifting higher as earlier the support was around Rs 450 then the same shifted to Rs 485- 487 and now the support is around Rs 495 levels. Thus, recommending to buy the stock with the stop loss of Rs 487 for the upside target of Rs 520 levels.
BUY POWERGRID: The stock is holding the support base and hovering near its lifetime high levels. The support base is shifting higher as earlier the resistance was around Rs 170 zones and now same has become the support levels. It witnessed built up of long position with an open interest addition of around 2.5%. One can buy the stock with the stop loss of Rs 170 for the upside immediate target of Rs 182 levels.
SELL EXIDE: The stock is continuously witnessing selling pressure from last three weeks and making lower highs – lower lows price formation. It failed to recover even after positive price action seen in the broader market thus indicating weakness in the stock. It is witnessing built up of short position and added open interest by around 6% in last couple of trading sessions. So recommending to sell the stock with the stop loss Rs 180 for the downside target of Rs 170 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi
BUY VOLTAS: The stock gave a price volume breakout from the consolidation of last seven trading sessions. It held onto the support base from last seven trading sessions even after the profit taking seen in the broader market and surpassed the hurdle of Rs 362-365 levels. It gave the second highest daily close and is well placed to continue its up move in the unchartered territory towards Rs 376 and higher levels. So, one can buy the stock with the stop loss of Rs 352 levels for the upside target of Rs 376 levels.
BUY ZEE ENTERTAINMENT: The stock has been making higher top – higher bottom formation from last seven weeks and trading near its lifetime high levels. The support base is shifting higher as earlier the support was around Rs 450 then the same shifted to Rs 485- 487 and now the support is around Rs 495 levels. Thus, recommending to buy the stock with the stop loss of Rs 487 for the upside target of Rs 520 levels.
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BUY POWERGRID: The stock is holding the support base and hovering near its lifetime high levels. The support base is shifting higher as earlier the resistance was around Rs 170 zones and now same has become the support levels. It witnessed built up of long position with an open interest addition of around 2.5%. One can buy the stock with the stop loss of Rs 170 for the upside immediate target of Rs 182 levels.
SELL EXIDE: The stock is continuously witnessing selling pressure from last three weeks and making lower highs – lower lows price formation. It failed to recover even after positive price action seen in the broader market thus indicating weakness in the stock. It is witnessing built up of short position and added open interest by around 6% in last couple of trading sessions. So recommending to sell the stock with the stop loss Rs 180 for the downside target of Rs 170 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi