 "Trading strategies from Chandan Taparia of Anand Rathi")
HAVELLS: BUY
Target: Rs 302
Stop Loss: Rs 285
The stock gave a price breakout of last four weeks and crossed the hurdle of Rs 293 zones. It has given a breakout from the July hurdle of Rs 290 levels and gave the highest daily close of last twenty five trading sessions. In the previous week it took support around Rs 267-268 zones and now it is all set to head towards Rs 302 and higher levels. Thus we are recommending buying the stock with the strict stop loss of Rs 285 for the upside target of Rs 302 levels.
WELSPUN INDIA: BUY
Target: Rs 1025
Stop Loss: Rs 955
The stock registered life time high and traded in the uncharted territory after crossing the hurdle of previous high of Rs 963 levels. It is also respecting its 50 DMA and gave the highest daily close near its Rs 1000 zones. It has made a bullish pole and flag pattern on monthly chart and holding above Rs 965 has potential to move high in further uncharted territory towards Rs 1025 and higher levels. We are suggesting to buy the stock with stop loss of Rs 955 for an immediate target of Rs 1025 levels.
ZEEL: BUY
Target: Rs 412
Stop Loss: Rs 384
The stock recaptured its Rs 400 territory after the slight up move witnessed in last five weeks. The support base is shifting to higher levels as earlier it took support around 365 zones now the same support has shifted to Rs 384-385 zones. After the recent short covering move fresh longs are being seen in the counter. Thus a further up move till Rs 412 and higher levels cannot be ruled out. One can buy the stock with the stop loss of Rs 384 for the upside target of Rs 412 levels.
HINDPETRO: SELL
Target: Rs 700
Stop Loss: Rs 750
The stock failed to sustain above its Rs 760-765 levels and negated the hopes of recovery in the stock. It is turning from the resistance levels and shorts are being active in the counter. At its current price juncture it has formed a short term negative pattern as it broke its support of Rs 735-736 levels and a further decline towards Rs 700 and lower levels cannot be ruled out. One can sell the stock with stop loss of Rs 750 for the downside target of Rs 700 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi.
Target: Rs 302
Stop Loss: Rs 285
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The stock gave a price breakout of last four weeks and crossed the hurdle of Rs 293 zones. It has given a breakout from the July hurdle of Rs 290 levels and gave the highest daily close of last twenty five trading sessions. In the previous week it took support around Rs 267-268 zones and now it is all set to head towards Rs 302 and higher levels. Thus we are recommending buying the stock with the strict stop loss of Rs 285 for the upside target of Rs 302 levels.
WELSPUN INDIA: BUY
Target: Rs 1025
Stop Loss: Rs 955
The stock registered life time high and traded in the uncharted territory after crossing the hurdle of previous high of Rs 963 levels. It is also respecting its 50 DMA and gave the highest daily close near its Rs 1000 zones. It has made a bullish pole and flag pattern on monthly chart and holding above Rs 965 has potential to move high in further uncharted territory towards Rs 1025 and higher levels. We are suggesting to buy the stock with stop loss of Rs 955 for an immediate target of Rs 1025 levels.
ZEEL: BUY
Target: Rs 412
Stop Loss: Rs 384
The stock recaptured its Rs 400 territory after the slight up move witnessed in last five weeks. The support base is shifting to higher levels as earlier it took support around 365 zones now the same support has shifted to Rs 384-385 zones. After the recent short covering move fresh longs are being seen in the counter. Thus a further up move till Rs 412 and higher levels cannot be ruled out. One can buy the stock with the stop loss of Rs 384 for the upside target of Rs 412 levels.
HINDPETRO: SELL
Target: Rs 700
Stop Loss: Rs 750
The stock failed to sustain above its Rs 760-765 levels and negated the hopes of recovery in the stock. It is turning from the resistance levels and shorts are being active in the counter. At its current price juncture it has formed a short term negative pattern as it broke its support of Rs 735-736 levels and a further decline towards Rs 700 and lower levels cannot be ruled out. One can sell the stock with stop loss of Rs 750 for the downside target of Rs 700 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi.