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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY HCL TECHNOLOGIES: The stock is turning from the support levels and looks attractive in terms of risk reward ratio. 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 805 and higher levels even after selling seen in the broader market. Thus recommending buying the stock with the stop loss of Rs 750 for the upside immediate target of Rs 805 levels.
BUY CARE RATING: The stock is showing the signs of bottoming out and taking support around the previous support of Rs 1155 - Rs 1150 levels. It formed a DOJI candle in the previous session indicating an end to the recent profit booking decline in the stock. Thus recommending buying the stock with the stop loss of Rs 1150 for the upside immediate target of Rs 1220 levels.
SELL ACC: The stock is making lower highs - lower lows from last two trading sessions as it is finding selling pressure at the higher levels. It broke the support of Rs1620 levels and is witnessing built up of short position which may cause a decline towards Rs 1545 and lower levels. One can sell the stock on a small bounce back move with strict stop loss of Rs 1640 for the downside target of Rs 1545 levels.
SELL APOLLO HOSPITALS: The stock has formed a negative price structure and had turned from its multiple hurdles of Rs 1390 - Rs 1400 levels in previous week. It broke its support of Rs 1350 levels and now fell below its Rs 1320 levels. It is witnessing built up of short position with open interest addition of around 45% in last four sessions. So, one can sell the stock with the stop loss Rs 1360 for the downside immediate target of Rs 1270 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
