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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY RELIANCE INDUSTRIES: The stock has given a consolidation breakout and surpassed its hurdle of Rs 1110 levels. It gave a price volume breakout on daily chart. It gave the highest daily close of last 28 months and according to its current price placement it is set for a strong upside move towards Rs 1070 and higher levels. Thus recommending buying the stock with the stop loss of Rs 1070 for the upside immediate target of Rs 1142 levels.
BUY ARVIND: The stock headed towards its lifetime high levels even after sharp selling in the broader market. It gave the lifetime highest daily close and is continuously making higher top –higher bottom formation with support base shifting higher. The bulls are intact in the counter even at current price level thus supporting our positive view in the stock. So recommending buying the stock with the stop loss of Rs 344 for the upside immediate target of Rs 368 levels.
SELL AJANTA PHARMA: The stock is finding selling pressure at higher levels and is making lower highs lower lows from last two sessions. It fell below its previous support of Rs 1970 levels with fresh shorts being added in the counter with open interest addition of around 6.50% in previous session. One can sell the stock on a small bounce back move with strict stop loss of Rs 2040 for the downside target of Rs 1920 levels.
SELL BANK OF INDIA: The stock failed to cross the multiple hurdles of Rs 122-123 levels and formed a negative price structure. It has been witnessing built up of short position in the initial part of the series and shorts are indicating further downfall towards Rs 113 and lower levels. One can sell the stock with the stop loss of Rs 122 for the downside immediate target of Rs 113 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
