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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY COAL INDIA: The stock witnessed a strong rally and gave the highest daily close of last twelve trading sessions. It held onto the support near the 200 DMA and looks attractive in terms of risk reward ratio. Now according to its current price placement, the stock is showing the potential to head towards Rs 330 and higher levels. So, one can buy the stock with the stop loss of Rs 310 for the upside immediate target of Rs 330 levels.
BUY CANARA BANK: The stock has made bottom near to Rs 303 zones in the previous week and is making higher lows from last five trading sessions. It has been finding sustained buying interest at every meaningful decline and having a strongest price structure in entire PSU Banks. So recommending buying the stock with the stop loss of Rs 314 for the upside target of Rs 335 levels.
BUY TATA MOTORS: The stock surpassed its immediate hurdle of Rs 560 and gave a consolidation breakout. It has been holding its positive stance from last eight series. The up move was led by short covering and fresh long formation in the stock thus supporting the positive move. So, recommending buying the stock with the stop loss of Rs 538 for the upside immediate target of Rs 572 levels.
SELL UBL: The stock has failed to surpass its multiple hurdles of Rs 970- Rs 980 zones and has broken the support of Rs 912- Rs 910 levels. It has been making lower highs – lower lows from last two weeks and is also witnessing built up of short position with open interest addition of around 15-17% in last couple of trading sessions. One can sell the stock with the stop loss of Rs 925 for the downside target of Rs 868 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
