 "Trading ideas: Buy VRL Logistics, PTC; Sell Adani Ports, IDFC")
VRL LOGISTICS: BUY
Target: Rs 430
Stop Loss: Rs 383
It has negated its negative formation of making lower lows and closed positive after the recent correction of previous four trading sessions. It has been taking support at its 50 DMA with rising volumes even after sharp decline in broader market. It has formed piercing line candle pattern on daily chart. Thus recommending to buy the stock with the stop loss of Rs 383 for the upside target of Rs 430 levels.
PTC: BUY
Target: Rs 62
Stop Loss: Rs 55.50
It has engulfed the weakness of previous trading session and recently it bounced back from the oversold territory. It has been holding the support base from last eight trading sessions even after weakness in the broader market. It negated the weakness of previous four weeks and indicating a further up move till Rs 62 levels. One can buy the stock with the stop loss of Rs 55.50 for the upside target of Rs 62 levels.
ADANI PORTS: SELL
Target: Rs 312
Stop Loss: Rs 335
In the previous week it failed to cross Rs 374 levels and now it is falling down from last six trading session. It broke its support of Rs 335 levels and has formed a weak structure with built up of short position. It is under bears grip with over all broader market. Thus, recommending selling the stock with the stop loss of Rs 335 for the downside target of Rs 312 levels.
IDFC: SELL
Target: Rs 118
Stop Loss: Rs 128
It is continuously trading in weakness from last six series and witnessing selling pressure at every minor attempt to bounce back. It is trading at six series low levels and has been making lower top – lower bottom formation. Thus one can sell the stock on small bounce back move with a stop loss of Rs 128 levels for the downside target of 118 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
Target: Rs 430
Stop Loss: Rs 383
It has negated its negative formation of making lower lows and closed positive after the recent correction of previous four trading sessions. It has been taking support at its 50 DMA with rising volumes even after sharp decline in broader market. It has formed piercing line candle pattern on daily chart. Thus recommending to buy the stock with the stop loss of Rs 383 for the upside target of Rs 430 levels.
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PTC: BUY
Target: Rs 62
Stop Loss: Rs 55.50
It has engulfed the weakness of previous trading session and recently it bounced back from the oversold territory. It has been holding the support base from last eight trading sessions even after weakness in the broader market. It negated the weakness of previous four weeks and indicating a further up move till Rs 62 levels. One can buy the stock with the stop loss of Rs 55.50 for the upside target of Rs 62 levels.
ADANI PORTS: SELL
Target: Rs 312
Stop Loss: Rs 335
In the previous week it failed to cross Rs 374 levels and now it is falling down from last six trading session. It broke its support of Rs 335 levels and has formed a weak structure with built up of short position. It is under bears grip with over all broader market. Thus, recommending selling the stock with the stop loss of Rs 335 for the downside target of Rs 312 levels.
IDFC: SELL
Target: Rs 118
Stop Loss: Rs 128
It is continuously trading in weakness from last six series and witnessing selling pressure at every minor attempt to bounce back. It is trading at six series low levels and has been making lower top – lower bottom formation. Thus one can sell the stock on small bounce back move with a stop loss of Rs 128 levels for the downside target of 118 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research