 "Top trading ideas from Chandan Taparia of Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY IOC: The stock has been holding the gains and hovering near to its lifetime high levels. It gave a fresh breakout on weekly chart after the consolidation of last seven weeks even though profit taking was seen in the broader market. Thus recommending buying the stock with the stop loss of Rs 560 for the upside immediate target of Rs 596 levels.
BUY M&M FINANCIAL: The stock has been holding the gains even after the sharp decline in the broader market which indicates inherit strength in the counter. It has been making higher top - higher bottom formation on weekly chart and looks strong to head towards new record lifetime high levels. It surpassed the immediate hurdle of Rs 359-360 levels and is just few points away from its life time high levels. Thus recommending buying the stock with the stop loss of Rs 349 for the upside target of Rs 374 levels.
SELL KAVERI SEED: The stock has been making lower top – lower bottom formation and finding strong hurdle at supply trend line. Recently, it failed to cross immediate hurdle of Rs 374 zones and now fresh selling may take it to 52 weeks low levels. The counter witnessed shorts rollover and shorts are intact even at the current price juncture thus supporting our negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs 374 for the downside target of Rs 350 levels.
SELL ULTRATECH CEMENT: The stock failed to surpass the multiple hurdle of Rs 4020-4025 zone and finding selling pressure at the higher levels. It broke its support of 3880 and is witnessing built up of short position with short rollover thus supporting our negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs 4012 for the downside target of Rs 3776 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
BUY IOC: The stock has been holding the gains and hovering near to its lifetime high levels. It gave a fresh breakout on weekly chart after the consolidation of last seven weeks even though profit taking was seen in the broader market. Thus recommending buying the stock with the stop loss of Rs 560 for the upside immediate target of Rs 596 levels.
BUY M&M FINANCIAL: The stock has been holding the gains even after the sharp decline in the broader market which indicates inherit strength in the counter. It has been making higher top - higher bottom formation on weekly chart and looks strong to head towards new record lifetime high levels. It surpassed the immediate hurdle of Rs 359-360 levels and is just few points away from its life time high levels. Thus recommending buying the stock with the stop loss of Rs 349 for the upside target of Rs 374 levels.
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SELL ULTRATECH CEMENT: The stock failed to surpass the multiple hurdle of Rs 4020-4025 zone and finding selling pressure at the higher levels. It broke its support of 3880 and is witnessing built up of short position with short rollover thus supporting our negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs 4012 for the downside target of Rs 3776 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