Chart Check: Jain Irrigation, M&M Finance, Canara Bank, Amar Raja Batteries

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

BUY JAIN IRRIGATION : It crossed its multiple hurdle of 100-102 zones and recorded a fresh 52 week high levels. It has been making higher high – higher low from last four sessions and formed a strong candle on weekly chart. It has seen a rise in trading and delivery volumes and this momentum may extend for next coming sessions. One can buy the stock with the stop loss of 99.50 for the upside target of 107.50 levels.

BUY M&M FINANCE : The stock has taken multiple support near to 350 zones and turning from major moving averages. It has surpassed a falling supply trend line and may see an up move in line with other Finance companies. It looks attractive in terms of risk reward ratio. One can buy the stock with the stop loss of 349 for the upside target of 370 levels.
 

BUY CANBANK : The stock has made bottom near to 303 zones in the beginning of the week and making higher lows from last four trading sessions. It has been finding sustained buying interest at every meaningful decline and having a strongest price structure in entire PSU Banks. So recommending buying the stock with the stop loss of 305 for the upside target of 333 levels.

SELL AMAR RAJA BATTERY : The stock has been moving a range with the sustained selling pressure. I has failed to surpass its immediate hurdle of 1060 and 1078 zones and turning lower with fresh built up of short position. It has been falling from last two weeks and a profit booking decline cannot be ruled out from current levels. One can sell the stock on a small bounce back move with the strict stop loss of 1065 for the downside target of 1010 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