 "Image via Shutterstock")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
VIP INDUSTRIES : BUY
Target: Rs 127
Stop Loss: Rs 116
The stock has crossed and closed above its multiple hurdle of Rs 120-121 zones and triggered a fresh price - volume breakout. It has formed a bullish pole and flag pattern and also holding above all the short and long term moving averages. It has also seen rising trading as well delivery volumes, so one can buy with the sop loss of Rs 116 for the upside target of Rs 127 levels.
DISH TV: BUY
Target: Rs 104.50
Stop Loss: Rs 99.50
The stock has been making higher highs – higher lows from last six trading sessions and surpassed the immediate hurdle of 99-100 levels. It gave the highest daily closing of last twenty four weeks. It is set to start fresh rally towards 105 and higher levels. Thus one can buy the stock with the stop loss of 95.50 for the upside immediate target of 104.50 levels.
ARVIND: BUY
Target: Rs 345
Stop Loss: Rs 326
The stock crossed and closed above its crucial hurdle of Rs 333 zones after a long consolidation. It has seen positive price flow with significant open interest addition which indicates that fresh longs are adding in to the stock. It has also seen rising volume and momentum so rally can extend towards next hurdles. Thus one can buy the stock with the stop loss of Rs 326 for the upside target of Rs 345 levels.
TCS: SELL
Target: Rs 2450
Stop Loss: Rs 2581
The stock has been underperforming the broader market and not ready to surpass Rs 2520-2550 zones decisively. It has failed to surpass its crucial hurdle and holding below Rs 2500 zones. It has formed a negative price structure and witnessed huge built up of short position as open interest was up by around 15%. So recommending to sell the stock with the stop loss of Rs 2581 for the downside target of Rs 2450 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
