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Here are a few trading strategies from Chandan Taparia of Anand Rathi for trade today:
BUY BHARTI AIRTEL: The stock has taken support at its 200 DMA around the recent trading range and surpassed the immediate hurdle of Rs 350 levels. It crossed and closed above its 23.6% Fibonacci retracement level of the fall witnessed in the first two weeks of the August month. Thus one can buy the stock with the stop loss of Rs 338 levels for the upside target of Rs 365 levels.
BUY BATA INDIA: The stock is rising and making higher lows from last four trading sessions after forming a double bottom pattern on daily chart. It has taken support at its rising trend and now according to its current price behavior it is showing the potential to surpass the hurdle of Rs 552 and Rs 562 levels. So, one can buy the stock with the stop loss of Rs 525 for the upside immediate target of Rs 562 levels.
BUY ONGC: The stock has been making higher top – higher bottom formation from last eleven trading sessions. The up move in the stock was led by short covering activities followed by built up of long positions. It is taking support after the long weakness and finding buying interest at the lower levels. Thus also looks attractive in terms of risk reward ratio. Thus one can buy the stock with the stop loss of Rs 232 levels for the upside target of Rs 247 levels.
SELL ASIAN PAINTS: The stock failed to sustain the higher levels in the absence of buying interest and broke its support of Rs 1115 levels. It formed a negative structure and witnessed fresh built up of short position with an open interest addition of around 9% even after the positive move seen in the broader market in previous session. So, recommending selling the stock with the stop loss of Rs 1150 for the downside target of Rs 1080 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
The author is Derivatives Analyst - Equity Research at Anand Rathi
