 "Image via Shutterstock")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY L&T FINANCE: The stock registered new lifetime high at Rs 107.45 levels even after the profit taking in the broader market and has been making higher highs - higher lows from last three weeks. It surpassed its hurdle of Rs 104 levels and the support base is also shifting higher. Thus recommending buying the stock with the stop loss of Rs 100 for the upside immediate target of Rs 107.50 levels.
BUY COAL INDIA: The stock held onto the support near the 200 DMA and looks attractive in terms of risk reward ratio. It has managed to form immediate bottom near to Rs 310 zones and may extend its up move for next coming sessions. It is showing the potential to head towards Rs 327 and higher levels as per its current price placement. So, one can buy the stock with the stop loss of Rs 307 for the upside immediate target of Rs 327 levels.
BUY ITC: The stock has been 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 230 for the upside immediate target of Rs 245 levels.
SELL BHARTI INFRATEL: The stock failed to surpass the multiple hurdles of Rs 385 zones. It has a tendency of witnessing selling pressure at every attempt to bounce. It is witnessing built up of short position and shorts are being carried to next series thus supporting our negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs Rs 386 for the downside target of Rs 364 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
