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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
LIC HOUSING: BUY
Target: Rs 535
Stop Loss: Rs 505
The stock gave a breakout and surpassed its multiple hurdle of Rs 520 levels with rising volumes. It has been making higher top – higher bottom formation and supports are gradually shifting on higher side. It has taken immediate support at Rs 495- Rs 497 zones and headed in the unchartered territory. It has given a consolidation breakout and looks strong to start the next leg of rally. One can buy the stock with stop loss of Rs 505 levels for the upside target of Rs 535 levels.
ASIAN PAINTS: BUY
Target: Rs 1055
Stop Loss: Rs 990
The stock has started to move after the long consolidation of last four weeks. It has given a highest daily close in last 22 trading sessions and formed a positive price structure. Overall medium term trend is positive and recent support would favor the stock for the fresh buying interest. One can buy the stock with stop loss of Rs 990 levels for the upside target of Rs 1055 levels.
TATA MOTORS DVR: BUY
Target: Rs 318
Stop Loss: Rs 295
The stock started to move higher after taking multiple supports. It surpassed its hurdle of 305 levels and snapped the losses of previous two weeks. It is moving upside with built up of long position and open interest addition of around 1.5% in previous session. One can buy the stock with stop loss Rs 295 levels of for the upside target of Rs 318 levels.
JUST DIAL: SELL
Target: Rs 570
Stop Loss: Rs 606
The stock has been falling down and is trapped in a strong bear grip with huge built up of short positions. It failed to cross immediate hurdle of Rs 625 zones and broke its immediate support of Rs 590 mark. It has also added fresh shorts by around 14% in last couple of trading sessions which supports our negative sense on the stock. One can sell the stock with stop loss of Rs 606 levels for the downside target of Rs 570 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
