 "Image via Shutterstock")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
MARICO: BUY
Target: Rs 267
Stop Loss: Rs 250
The stock has been holding the gains and also gave the highest daily close in last forty trading sessions. It has been holding above its 50 DMA and also making higher lows on weekly chart. It is all set to hit its new lifetime high levels after the recent consolidation breakout. Thus recommending buying the stock with the stop loss of Rs 250 for the upside immediate target of Rs 267 levels.
COAL INDIA: BUY
Target: Rs 330
Stop Loss: Rs 304
The stock has been making higher top – higher bottom formation from last four week and recently it managed to hold its immediate multiple support of 304-305 zones and also surpassed the hurdle of Rs 315 levels. It is turning higher after the weakness of last ten months so also looks attractive even in terms of risk reward ratio. Thus recommending buying the stock with the stop loss of Rs 304 for the upside immediate target of Rs 330 levels.
WIPRO: BUY
Target: Rs 578
Stop Loss: Rs 540
The stock has been moving upwards from last seven consecutive trading sessions. It has made multiple bottoms near Rs 545 and now hold above Rs 558 may take it to higher levels. It has started to add fresh built up of long position which also supports our positive stance in the counter. Thus recommending buying the stock with the stop loss of Rs 540 for the upside immediate target of Rs 578 levels.
BHARAT FORGE: BUY
Target: Rs 720
Stop Loss: Rs 768
The stock failed to cross multiple hurdle of Rs 765-767 zones even after the struggle of last four weeks. It is witnessing sustained selling pressure on every bounce back move which indicates that bears are quite active to push the counter on lower levels. We are expecting same price behavior to continue for next couple of trading sessions. One can sell on bounce back move with the stop loss of Rs 768 for the downside target of Rs 720 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
