Chart Check: Cox & Kings, DHFL, ACC, Voltas

Here are a few trading ideas from Chandan Taparia of Anand Rathi

BUY COX & KINGS: It has negated its weak structure of making lower top - lower bottom of last 7-8 weeks and now started to move upwards after taking multiple support near to Rs 201 - Rs 205 zones. It has also come out from its recent consolidation phase and has been making higher highs - higher lows since last four trading sessions. It is moving upwards with rising trading volumes and till it holds above Rs 230 zone, momentum may continue towards Rs 260 and higher levels. So one can buy the stock with the stop loss of Rs 230 for the upside target of 260 levels.
 

BUY DHFL: It has been making higher top – higher bottom formation from last couple of the trading sessions and has taken support near the 200 zones. It edged higher towards its 50-DMA and crossed the immediate hurdle of Rs 230 zones. It gave the highest daily close since 31st August, 2015 and is now well placed to continue the positive price action. Thus traders are recommended to buy the stock to get the benefit of attractive risk reward ratio with the stop loss of Rs 218 for the upside target of Rs 245 levels.

 

BUY VOLTAS: It is moving after the recent breakout and has been holding the support base firmly.  According to its recent price behavior it is well placed to start next round of rally towards Rs 285 and higher levels. Even after the consolidation it is now adding built up of long position with the open interest addition by around 33%. Thus recommending the traders to buy the stock with the stop loss Rs 264 for the upside immediate target of Rs 285 levels.

 
SELL ACC: It failed to cross immediate hurdle of Rs 1,380 - Rs 1,400 zones and has been making lower top – lower bottom formation. It is witnessing built up of short position with open interest addition of around 24% in the October series and these shorts are intact in the counter. We are expecting this weakness to continue for next coming sessions. So, one can sell the stock with the stop loss of Rs 1,400 for the downside target of Rs 1,313 levels.

 

Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.

Chandan Taparia is a derivative and technical analyst with Anand Rathi