 "Image via Shutterstock")
Here are a few trading ideas from Chandan Taparia of Anand Rathi:
L&T: BUY
Stop Loss: Rs 1,103
Target: Rs 1,180
The stock has been consolidating from last six weeks and holding the support base at around Rs 1065-1070 levels. It is turning form the oversold territory and gave the highest daily close of last twenty one trading sessions. It looks attractive in terms of risk reward ratio as it is turning from the lower levels after the major correction witnessed in last seven months. Thus, we are recommending buying the stock with the strict stop loss of Rs 1,100 for the upside target of Rs 1,180 levels.
TVS MOTOR: BUY
Stop Loss: Rs 273
Target: Rs 296
The stock is respecting to its 50 DMA from last eighteen weeks and holding the support base even after the volatility swing witnessed in the broader market. It has been holding the gains on any decline and is resilient as well as comparatively outperformer stock at the time of market decline. Thus, recommending buying the stock with the stop loss of Rs 273 for the upside target of Rs 296 levels.
DABUR: BUY
Stop Loss: Rs 314
Target: Rs 335
The stock has taken support at Rs 230-235 zones and is holding the base from last six weeks after the fall witnessed in January series. It is witnessing built up of long position in the February series with an open interest addition of around 8% and is turning from the lower levels. Thus we are recommending buying the stock with the strict stop loss of Rs 314 for the upside target of Rs 335 levels.
TITAN: SELL
Stop Loss: Rs 376
Target: Rs 355
The stock has rallied well in the first half of the series and now started to decline as it failed to cross its multiple hurdle of Rs 378-380 zones. It had given an up move from 326 to Rs 376 zones so a profit booking decline of recent up move cannot be ruled out as fresh shorts started to build in the counter. It has turned from the resistance levels and has been making lower top – lower bottom pattern from last five trading sessions. So recommending selling the stock with the stop loss of Rs 376 for the downside target of Rs 355 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
