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Here are a few trading strategies from Chandan Taparia of Anand Rathi for trade today:
BUY GAIL: The stock is moving after taking multiple supports and surpassed the immediate falling supply trend line. It gave the highest daily close of last seven trading sessions and witnessed a pause in the recent down fall. It has turned from the lower levels and now a further up move towards Rs 381 and higher levels. Thus recommending buying the stock with the stop loss of Rs 358 for the upside immediate target of Rs 381 levels.
BUY HCL TECH: The stock managed surpass its resistance of Rs 800 zones after the struggle of last six trading sessions. The up move was led after taking support around its 50 DMA and which may drive its positive price action for next coming sessions. It has formed a bullish price structure and is showing strength to move towards Rs 815 and higher levels. Thus recommending buying the stock with the stop loss of Rs 768 for the upside immediate target of Rs 815 levels.
SELL ADANI PORTS: The stock broke its support of last six trading sessions and witnessed shorts being carried from current series to next series. It failed to cross its previous hurdle of Rs 279-Rs 280 levels and may see some decline towards Rs 258 and lower levels before the next up move. One can sell the stock on a small bounce back move with strict stop loss of Rs 275 for the downside target of Rs 258 levels.
SELL AMBUJA CEMENT: The stock is making lower highs - lower lows from last four trading sessions as it failed to surpass the hurdle of Rs 278-Rs 280 zone and finding selling pressure at the higher levels. It has added huge built up of short position and short rollover were seen from previous series to next series which may cause a decline towards Rs 260 and lower levels. One can sell the stock on a small bounce back move with strict stop loss of Rs 277 for the downside target of Rs 260 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
