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Here are a few trading strategies by Chandan Taparia of Anand Rathi for trade today.
BUY BATA INDIA: The stock is rising and making higher lows from last six trading sessions after forming a double bottom pattern on daily chart. It has taken support at its rising trend and surpassed its hurdle of Rs 552 levels. It closed above its 50 DMA and is well placed to continue it’s up move towards Rs 572 and higher levels. So, one can buy the stock with the stop loss of Rs 537 for the upside immediate target of Rs 572 levels.
BUY GSFC: The stock has been making higher highs – higher lows from last two weeks and surpassed its 50 weekly moving average. It crossed and closed above its 200 DMA and surpassed the immediate hurdle of Rs 73 levels after the struggle of last sixteen trading sessions. Thus recommending buying the stock with the stop loss of Rs 69.50 for the upside target of Rs 76.50 levels.
BUY ZEE ENTERTAINMENT: The stock was holding the support base and surpassed the immediate hurdle of Rs 508 levels after the consolidation of five trading sessions. It has been witnessing short covering as well as long built up from last couple of trading sessions. Thus recommending buying the stock with the stop loss of Rs 492 for the upside target of Rs 523 levels.
SELL AMBUJA CEMENTS: The stock has been finding hurdle near Rs 278-280 zones from last couple of trading sessions due to lack of buying interest. It has added fresh short position which may cause a decline before starting the next upswing of the stock. One can sell the stock on a small bounce back move with strict stop loss of Rs 282 for the downside target of Rs 265 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi
