Buy Bank of Baroda, HCL Technologies, Zee Entertainment: Anand Rathi

Here are a few trading strategies from Chandan Taparia of Anand Rathi for trade today:

BUY BANK OF BARODA: The stock has been making higher lows from last six trading sessions and holding the strength even after a range bound market move. It has recently bottomed out with the support of Rs 145 and surpassed the immediate hurdle of Rs 160 zones. It is forming a positive price pattern and holding above all the moving averages. So, one can buy the stock with the stop loss of Rs 156.50 for the upside immediate target of Rs 168.50 levels.

BUY HCL TECHNOLOGIES: The stock has taken support near to Rs 765 zones after the profit booking decline of last 10-12 trading sessions. It has negated its formation of making lower lows of last six trading sessions. It made bottom near to Rs 765 zones which earlier used to be a crucial hurdle in the month of June and July, thus forming strong price pattern of shifting of resistance to support zones. We are recommending buying the stock with the stop loss of Rs 763 for the upside target of Rs 811 levels.
 

BUY ZEE ENTERTAINMENT: The stock has managed to hold the support near to Rs 497- Rs 500 zones and recorded a fresh life time high by crossing previous hurdle of Rs 518 zones. It has seen a rise in trading volume with short covering activities which is also supporting our positive stance on the counter. Thus recommending buying the stock with the stop loss of Rs 501 for the upside target of Rs 532 levels.


SELL APOLLO HOSPITALS: The stock has been falling down from last six sessions and broken the support of Rs 1370 zones. It has a range bound move and turning back from its upper band of the trading range. We have seen fresh built up of short position which may continue to push the stock to lower levels. One can sell the stock on a small bounce back move with strict stop loss of Rs 1405 for the downside target of Rs 1325 levels.

Disclaimer: We are suggesting these stocks to our clients but not personal holdings

 

Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi