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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
TATA STEEL : BUY
Target: Rs 346
Stop Loss: Rs 328
The stock has been shifting its support on higher side and also crossed its crucial hurdle of 337 mark which has provided enough pause and supply to the stock in last 4 weeks. It has recently crossed a falling supply trend lined and taken support at 50 DMA. It is trading above all the moving averages and shown strong momentum on last sessions so may rally for higher zones. One can buy the stock with the stop loss of Rs 328 for the upside target of Rs 346 levels.
HINDUSTAN UNILEVER : BUY
Target: Rs 888
Stop Loss: Rs 837
The stock took support at Rs 835 mark and recovered well sharply with follow up buying interest. It has formed a Head & Shoulder pattern on daily chart and closed above the neckline which may attract a fresh buying and pattern target for higher zones. We have seen buying in all the stocks of the same sector which also a supports the positive sentiment of the counter. One can buy the stock with stop loss of Rs 837 for the upside target of Rs 888 levels.
ZEE ENTERTAINMENT : BUY
Target: Rs 470
Stop Loss: Rs 441
The stock has given a consolidation breakout above Rs 455-458 zones an also registered a highest daily close above Rs 456 zones. It has entered into uncharted territory and a small follow up buying may give fresh and extended move with short covering activities. Overall trend and open interest indicates strength of the counter and recent breakout may add momentum the stock. One can buy the stock with the stop loss of Rs 441 for the upside target of Rs 470 levels.
HCL TECHNOLOGIES : SELL
Target: Rs 713
Stop Loss: Rs 755
The stock has been falling down from last four sessions as completed its recent bounce back of its negative trend. It snapped all the gains made in the last week and added significant position on short side. Medium term is under the pressure and recent bounce has given more scope and potential to drift down towards its previous swing low and even lower levels. One can sell the stock on bounce back move with the stop loss of Rs 755 for the downside target of Rs 713 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
