 "Trading ideas from Anand Rathi; buy Marico, Ashok Leyland, Amara Raja Batteries")
MARICO: BUY
STOP LOSS: Rs 245
TARGET: Rs 265
The stock surpassed its hurdle of 255 after taking support at its 50 Day exponential moving average and is moving higher from last three sessions. The positive move in the stock is intact even after profit taking witnessed in the broader market. It is rising upside continuously and respecting its 13 weekly moving average on closing basis from last twenty five weeks. It snapped the losses made in previous week by more than 38.5% Fibonacci retracement levels.
ASHOK LEYLAND: BUY
STOP LOSS: Rs 100
TARGET: Rs 107.50
The stock held onto its multiple supports around its 100 zones at its 50 DMA on daily and weekly chart even after profit booking being witnessed in the broader market. The overall trend of the stock is intact to positive and has been respecting to its 35 weekly moving average on closing basis from last two years. Thus a positive move towards 107.50 and higher levels cannot be ruled out.
AMARA RAJA BATTERIES: BUY
STOP LOSS; Rs 920
TARGET: Rs 985
The stock has been consolidating in a range but the supports are shifting to higher levels. At the being of series it was respecting to the support of 920 and now the support shifted to 931 levels. It is witnessing short covering and a hold above 936 may take the stock higher towards 985 levels.
PUNJAB NATIONAL BANK: SELL
STOP LOSS: Rs 85
TARGET; Rs 76
The stock broke its support of 80 levels which is working well from last eight weeks and gave the lowest daily close of last forty three trading sessions. In the April series it failed to cross and hold above 92 zones and started witnessing selling pressure. It has a tendency of witnessing selling pressure at every minor attempt to bounce back. Thus we are recommending selling the stock on bounce back move with the strict stop loss of 85 for the downside target of 76 levels.
STOP LOSS: Rs 245
TARGET: Rs 265
The stock surpassed its hurdle of 255 after taking support at its 50 Day exponential moving average and is moving higher from last three sessions. The positive move in the stock is intact even after profit taking witnessed in the broader market. It is rising upside continuously and respecting its 13 weekly moving average on closing basis from last twenty five weeks. It snapped the losses made in previous week by more than 38.5% Fibonacci retracement levels.
ASHOK LEYLAND: BUY
STOP LOSS: Rs 100
TARGET: Rs 107.50
The stock held onto its multiple supports around its 100 zones at its 50 DMA on daily and weekly chart even after profit booking being witnessed in the broader market. The overall trend of the stock is intact to positive and has been respecting to its 35 weekly moving average on closing basis from last two years. Thus a positive move towards 107.50 and higher levels cannot be ruled out.
AMARA RAJA BATTERIES: BUY
STOP LOSS; Rs 920
TARGET: Rs 985
The stock has been consolidating in a range but the supports are shifting to higher levels. At the being of series it was respecting to the support of 920 and now the support shifted to 931 levels. It is witnessing short covering and a hold above 936 may take the stock higher towards 985 levels.
PUNJAB NATIONAL BANK: SELL
STOP LOSS: Rs 85
TARGET; Rs 76
The stock broke its support of 80 levels which is working well from last eight weeks and gave the lowest daily close of last forty three trading sessions. In the April series it failed to cross and hold above 92 zones and started witnessing selling pressure. It has a tendency of witnessing selling pressure at every minor attempt to bounce back. Thus we are recommending selling the stock on bounce back move with the strict stop loss of 85 for the downside target of 76 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi