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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY INFOSYS: The stock surpassed the hurdle of Rs 1060 levels and gave the highest daily close of last 21 trading sessions. It has been holding the support base and consolidating from last four weeks thus giving signs of bottoming out near the previous support of Rs 1010 levels. So, recommending buying the stock with the stop loss of Rs 1020 for the upside immediate target of Rs 1095 levels.
BUY ARVIND: The stock witnessed strong buying interest even after a pause in the rally in broader market. It took support at its 50 DMA near the previous support of Rs 305 levels. It is holding onto its gains above its 50, 200 and 35 DMA. It snapped the loss made in previous four sessions and is now set to head towards 338 and higher levels. Thus recommending buying the stock with the stop loss of Rs 318 for the upside immediate target of Rs 338 levels.
BUY GLENMARK PHARMA: The stock is moving after the consolidation of last four sessions and surpassed the multiple hurdle of Rs 900- Rs 915 levels. It gave the highest daily close of since 5th January, 2016 and is witnessing short covering as well as long built up from last couple of sessions. Thus recommending buying the stock with the stop loss of Rs 880 for the upside immediate target of Rs 940 levels.
SELL TATA STEEL: The stock is making lower top – lower bottom formation from last five trading sessions as it failed to surpass the multiple hurdle of Rs 410- Rs 415 zone and is finding selling pressure at the higher levels. It is witnessing built up of short position with open interest addition of around 15% in last two sessions. One can sell the stock on a small bounce back move with strict stop loss of Rs 374 for the downside target of Rs 350 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
