Buy Tech Mahindra, Hind Petro: Chandan Taparia of Anand Rathi

Here are a few trading ideas from Chandan Taparia of Anand Rathi for Wednesday's session:

BUY TECH MAHINDRA

The stock has taken support at its 50-DMA and witnessed a strong rally with rise in volume activities. It surpassed its 200-DMA and has been making higher top-higher bottom from last two months and is showing strength to head towards Rs 497 and higher levels. Thus one can buy the stock with the stoploss of Rs 467 for the upside immediate target of Rs 497.

BUY HIND PETRO

The stock traded inside the trading range of previous trading session and has taken support near the Rs 430 zones. It has been hovering near its lifetime high territory and with support based buying the stock may see Rs 452 and higher levels. Thus one can buy the stock with the stoploss of Rs 424 for the upside immediate target of Rs 452.

 

BUY DABUR

The stock held onto the support at its previous support zone and surpassed the hurdle of Rs 280. Fresh built up of long position and according to the current price placement of the stock if follow up buying continues then a possibility of an up move towards Rs 290 and higher levels may be seen. Thus one can buy the stock with the stoploss of Rs 270 for the upside target of Rs 290.

SELL BHEL

The stock witnessed selling and broke its support of Rs 125. It has seen built up of short position with open interest addition of around 6% in previous sessions thus supporting our negative view in the counter. Thus expecting a further decline in the counter towards Rs 123.50 and lower levels.  So, one can sell the stock with the stoploss of Rs 126 for the downside immediate target of Rs 123.50.

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

Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi