BUY TATA CHEMICALS
STOP LOSS: Rs 357
TARGET: Rs 387
It has been moving upwards from last two weeks and crossed its previous hurdle of 365 zones. It has made a double bottom reversal pattern after the weakness of last two months and showing short term bounce towards its next hurdle of 380 zones. It also made a probable cup and handle pattern which has a positive implication and also started an up move for higher levels. Thus, traders can buy the stock with stop loss of 357 for the upside target of 387 levels.
STOP LOSS: Rs 260
TARGET: Rs 280
The stock has been holding the gains from last three weeks even after a volatile market movement. It is making an attractive price pattern and also reclaimed above its 50 DMA. It has an immediate hurdle near to 278-280 zones and above that fresh up move may be seen towards 292 zones. Thus recommending buying the stock with the stop loss of 260 for the upside immediate target of 280 levels.
SELL ONGC
STOP LOSS: Rs 222
TARGET: Rs 206
It failed to surpass above its 50 DMA and making a negative price structure in line with its medium term negative trend. It has broken its immediate support of 215 levels and adding fresh built up of short position which may drag it towards its swing low of 206 zones. Thus we are recommending selling the stock on bounce back move with the strict stop loss of 222 for the upside target of 206 levels.
SELL TCS
STOP LOSS: Rs 2433
TARGET: Rs 2290
The stock has rallied well in previous three weeks and now started to decline as it failed to cross its multiple hurdle of 2440 zones. It has given an up move from 2240 to 2440 zones so a profit booking decline of recent move cannot be ruled out as fresh shorts started to build in the counter. So recommending to sell the stock with the stop loss of 2435 for the downside target of 2290 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
STOP LOSS: Rs 357
TARGET: Rs 387
It has been moving upwards from last two weeks and crossed its previous hurdle of 365 zones. It has made a double bottom reversal pattern after the weakness of last two months and showing short term bounce towards its next hurdle of 380 zones. It also made a probable cup and handle pattern which has a positive implication and also started an up move for higher levels. Thus, traders can buy the stock with stop loss of 357 for the upside target of 387 levels.
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BUY MOTHERSON SUMI
STOP LOSS: Rs 260
TARGET: Rs 280
The stock has been holding the gains from last three weeks even after a volatile market movement. It is making an attractive price pattern and also reclaimed above its 50 DMA. It has an immediate hurdle near to 278-280 zones and above that fresh up move may be seen towards 292 zones. Thus recommending buying the stock with the stop loss of 260 for the upside immediate target of 280 levels.
SELL ONGC
STOP LOSS: Rs 222
TARGET: Rs 206
It failed to surpass above its 50 DMA and making a negative price structure in line with its medium term negative trend. It has broken its immediate support of 215 levels and adding fresh built up of short position which may drag it towards its swing low of 206 zones. Thus we are recommending selling the stock on bounce back move with the strict stop loss of 222 for the upside target of 206 levels.
SELL TCS
STOP LOSS: Rs 2433
TARGET: Rs 2290
The stock has rallied well in previous three weeks and now started to decline as it failed to cross its multiple hurdle of 2440 zones. It has given an up move from 2240 to 2440 zones so a profit booking decline of recent move cannot be ruled out as fresh shorts started to build in the counter. So recommending to sell the stock with the stop loss of 2435 for the downside target of 2290 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi