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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY M&MFIN: The stock has taken support near previous hurdle of Rs 365 zones and turning from major moving averages. It has given highest daily close of last eight trading sessions and may see an up move in line with other Finance companies. It looks attractive in terms of risk reward ratio. One can buy the stock with the stop loss of Rs 352 for the upside target of Rs 375 levels.
BUY NMDC: The stock is hovering near its 52 weeks high levels even after profit taking seen in the broader market. It has formed a strong price structure on daily chart. It is again set to start fresh rally after the consolidation of last four days which has bullish implications and now it is well placed to head towards Rs 126 and higher levels. Thus one can buy the stock with the stop loss of Rs 117.50 for the upside immediate target of Rs 126 levels.
BUY ITC: The stock is consolidating and holding the support base from last thirteen trading sessions and accumulating positions. It managed to sustain above its Rs 235 levels even after the decline seen in the broader market. The fresh longs were added in the counter as well as carried forward from current series to next series. So, one can buy the stock with the stop loss of Rs 233 for the upside immediate target of Rs 250 levels.
SELL IRB INFRASTRUCTURE: The stock failed to surpass its hurdle of Rs 250 zones and started to decline. It has a tendency of witnessing selling pressure at every attempt to bounce. It broke its support of Rs 239 and is witnessing built up of short position with short rollover to next series thus supporting our short term negative view in the counter. We have fundamentally contrary view on the stock but suggesting a trade for immediate profit booking decline towards Rs 229 levels. Thus we are recommending selling the stock on bounce back move with the strict stop loss of Rs 244 for the upside target of Rs 229 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
