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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY TATA STEEL: The stock registered new lifetime high at Rs 420 levels and has been making higher highs higher lows from last three weeks. Recently, it surpassed its important hurdle of Rs 410 levels and the support base is also shifting higher. Earlier the support was at Rs 346 then the same shifted to 360 and now the support is around Rs 424 levels. Thus recommending buying the stock with the stop loss of Rs 394 for the upside immediate target of Rs 424 levels.
BUY ASIAN PAINTS: The stock is hovering near its lifetime high territory and accumulating positions even at current price levels. It gave the highest daily closing and the trend of the stock is also positive and recent consolidation breakout is suggesting the fresh up move in the stock. So, recommending buying the stock on a small decline with the stop loss of Rs 1172 for the upside immediate target of Rs 1245 levels.
SELL BANK OF INDIA: The stock broke its support of Rs 114 as it had 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 and shorts are indicating further downfall towards Rs 107.50 and lower levels. One can sell the stock with the stop loss of Rs 115 for the downside immediate target of Rs 107.50 levels.
SELL ADANI ENTERPRISES: The stock been respecting to its falling supply trend line and making lower top – lower bottom formation. It is having a weakest price structure as it is not ready to hold any bounce back move and set to retest immediate swing low and even lower levels. It has also taken hurdle near to its upper band of the falling channel and might drift towards the lower band in next coming sessions. One can sell the stock with the stop loss of Rs 70.50 for the downside immediate target of Rs 66 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
