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Here are a few trading ideas from Chandan Taparia of Anand Rathi:
COX & KINGS: BUY
STOPLOSS: Rs 182
TARGET: Rs 195
It snapped the losses of four trading sessions in just two sessions after taking multiple supports at around Rs 172 zones. It gave the highest daily close of last twelve trading sessions and is holding the gains above its 50 DMA from last two sessions. One can buy the stock to get the benefit of attractive risk reward ratio with the stop loss of Rs 182 for the upside immediate target of Rs 195 levels.
TATA CHEMICALS: BUY
STOPLOSS: Rs 362
TARGET: Rs 385
The stock is rising after taking support around Rs 360-Rs 362 zones at its 50 DMA. The support base is shifting to higher levels, earlier it was taking support around Rs 310 levels then the same shifted to Rs 340 and now the support is at Rs 360-Rs 362 zones. It gave the highest daily close of last fifty four trading sessions. It had witnessed a minor profit taking from Rs 383 to Rs 360 levels after a strong rally from Rs 309 to Rs 383 levels and now it again started to move higher which has bullish implication. So, recommending to buy the stock with the stop loss of Rs 362 for the upside immediate target of Rs 385 levels.
NTPC: BUY
STOPLOSS: Rs 130
TARGET: Rs 140
The stock has been making higher highs – higher lows from last three trading sessions and crossed and closed above its hurdle of Rs 128 levels. It has formed an attractive price pattern and is moving upside with built up of long position. At the current price juncture it is well placed to head towards Rs 140 and higher levels. We are recommending to buy the stock with the stop loss of Rs 130 for the upside target of Rs 140 levels.
AMBUJA CEMENT: SELL
STOPLOSS: Rs 234
TARGET: Rs 219
The stock broke its support of Rs 225 levels and failed to hold its recent bounce back move. It had witnessed a recovery from Rs 185 to Rs 236 levels in the previous series but it again started to decline with active shorts in the counter. It has been making lower top – lower bottom formation from last six trading sessions and witnessing selling pressure with an open interest addition of around 45% in this entire series. Thus one can sell the stock with stop loss of Rs 234 for the downside target of Rs 219 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
