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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today
BUY HINDALCO: The stock registered fresh 52 weeks high at Rs 166 levels and gave a consolidation breakout on daily chart even after the selling pressure seen in the broader market. It held onto the support at its 50 DMA and gave the highest daily close in last two years. Thus recommending buying the stock with the stop loss of Rs 155 for the upside immediate target of Rs 168 levels.
BUY M&M: The stock has taken support at its support trend line and short term bottom near Rs 1290- Rs 1300 zones. It has a tendency of moving after every steep fall thus showing the potential to witness some buying action and head towards Rs 1396 and higher levels. It held onto the gains even after the decline seen in the broader market. Thus recommending buying the stock with the stop loss of Rs 1310 for the upside immediate target of Rs 1396 levels.
SELL BANK OF BARODA: The stock is making lower highs – lower lows formation from last two trading sessions as it failed to surpass the hurdle of Rs 160 zone and drifted below its support of Rs 150- Rs 149 zones. It has seen built up of short position with open interest addition of around 6% in last couple of trading sessions which may cause a decline towards Rs 144 and lower levels. One can sell the stock on a small bounce back move with strict stop loss of Rs 153 for the downside target of Rs 144 levels.
SELL HPCL: The stock failed to surpass the hurdle of Rs 470 zone and is finding selling pressure at the higher levels. It has added fresh short at current levels with open interest addition of around 4% in last 2-3 sessions thus supporting our short term negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs 454 for the downside target of Rs 427 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
