 "Trading strategy")
Here are a few trading ideas from Chandan Taparia of Anand Rathi:
BUY EMAMI: The stock surpassed the hurdle of Rs 1094 levels and gave the highest daily close of last twenty six trading sessions. It has been making higher top – higher bottom formation from last eight sessions and has turned from the support levels. It is trading above its moving averages and also looks attractive in terms of risk reward ratio. So one can buy the stock with the stop loss of Rs 1060 for the upside immediate target of Rs 1130 levels.
BUY ACC: The stock formed a “flag and pole pattern” on daily chart which has bullish implication. It gave a breakout from the consolidation phase of last 20 trading sessions and surpassed its hurdle of Rs 1575-Rs 1580 levels. It gave the highest daily close of last 64 weeks and at the current price placement the counter is showing the potential to head towards Rs 1642 and higher levels. One can buy the stock with the stop loss of Rs 1545 for the upside immediate target of Rs 1642 levels.
BUY DR REDDY'S LABS: The stock crossed and closed above its multiple hurdles of Rs 3220 levels and gave the highest daily close since 26th October, 2015. It has formed a strong price structure and is at its 7 series high levels. It witnessed short covering activities. Thus recommending to buy the stock with the stop loss of Rs 3140 for the upside immediate target of Rs 3330 levels.
SELL BHARTI AIRTEL: The stock failed to cross the multiple hurdles of Rs 367 levels and also broke the immediate support of Rs 362 levels. It has been witnessing built up of short position as well as liquidation of longs and gave the lowest close of last six trading sessions. One can sell the stock with the stop loss of Rs 367 for the downside immediate target of Rs 340 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
