 "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 M&M: The stock is holding the gains from last five trading sessions and has formed a short term bottom near Rs 1290 - Rs 1300 zones. It has a tendency of moving after every steep fall thus showing the potential to witness some buying action and head towards Rs 1418 and higher levels. It held onto the gains even after the decline seen in the broader market and gave the highest daily close of last twenty trading sessions. Thus recommending buying the stock with the stop loss of Rs 1333 for the upside immediate target of Rs 1418 levels.
BUY BHEL: The stock took support at its 50 DMA near the previous support of Rs 139- Rs 140 levels. It surpassed the immediate falling trend line and gave the highest daily close of last twenty six trading sessions. It snapped the loss made in previous two sessions and is now set to head towards 146 and higher levels. Thus recommending buying the stock with the stop loss of Rs 136 for the upside immediate target of Rs 146.50 levels.
BUY GAIL: The stock surpassed its immediate falling trend line and has formed a bullish price structure. It was hovering near its 52 weeks high levels from last two weeks and now it is again set to start its fresh rally. The short covering rally may take it to further higher territory towards Rs 450 levels. Thus recommending buying the stock with the stop loss of Rs 422 for the upside immediate target of Rs 450 levels.
SELL AMARA RAJA BATTERIES: The stock has been making lower highs from last five weeks and has formed a negative price structure. It is witnessing built up of short position as well as liquidation of longs thus supporting the negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs 1062 for the downside target of Rs 1000 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 M&M: The stock is holding the gains from last five trading sessions and has formed a short term bottom near Rs 1290 - Rs 1300 zones. It has a tendency of moving after every steep fall thus showing the potential to witness some buying action and head towards Rs 1418 and higher levels. It held onto the gains even after the decline seen in the broader market and gave the highest daily close of last twenty trading sessions. Thus recommending buying the stock with the stop loss of Rs 1333 for the upside immediate target of Rs 1418 levels.
BUY BHEL: The stock took support at its 50 DMA near the previous support of Rs 139- Rs 140 levels. It surpassed the immediate falling trend line and gave the highest daily close of last twenty six trading sessions. It snapped the loss made in previous two sessions and is now set to head towards 146 and higher levels. Thus recommending buying the stock with the stop loss of Rs 136 for the upside immediate target of Rs 146.50 levels.
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BUY GAIL: The stock surpassed its immediate falling trend line and has formed a bullish price structure. It was hovering near its 52 weeks high levels from last two weeks and now it is again set to start its fresh rally. The short covering rally may take it to further higher territory towards Rs 450 levels. Thus recommending buying the stock with the stop loss of Rs 422 for the upside immediate target of Rs 450 levels.
SELL AMARA RAJA BATTERIES: The stock has been making lower highs from last five weeks and has formed a negative price structure. It is witnessing built up of short position as well as liquidation of longs thus supporting the negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs 1062 for the downside target of Rs 1000 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