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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today
BUY HINDUSTAN ZINC: The stock is making higher lows from last two sessions and holding the gains above its 50 DMA. It crossed and closed above the hurdle of 255 zones and gave the highest daily close of last seven trading sessions. Thus recommending buying the stock with the stop loss of Rs 248 for the upside immediate target of Rs 266.
BUY HINDUSTAN UNILEVER: The stock has taken support at its weekly support trend line and showing the signs of bottoming out. It surpassed its immediate hurdle of 820-822 zones and looks attractive in terms of risk reward ratio. It is turning from the oversold territory so one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of Rs 800 for the upside immediate target of Rs 855.
BUY TVS MOTOR: The stock is showing the signs of bottoming out after the decline of last three weeks at the previous support levels. The longs were carried forward from current series to next series indicating strength in the counter. So one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of Rs 337 for the upside immediate target of Rs 360.
SELL KOTAK MAHINDRA BANK: The stock failed to surpass the hurdles of 785 zone and finding selling pressure at every attempt to bounce. It has added fresh short at current levels with open interest addition of around 3.50% thus supporting our negative view in the counter. It has been making lower top – lower bottom formation from last two weeks and failed to recover with recovery in the broader market. Thus one can sell the stock on a small bounce back move with strict stop loss of Rs 800 for the downside target of Rs 752.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
