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Here are a few trading ideas of blue-chip companies from Chandan Taparia of Anand Rathi:
BUY HINDUSTAN UNILEVER
It is turning from the lower levels after taking multiple supports near Rs 778-780 zones. It gave breakout from the consolidation of last five trading sessions and crossed and closed above the hurdle of Rs 800 levels and gave the highest daily close of last six trading sessions. So recommending buying the stock with the stop loss of Rs 768 for the upside target of Rs 832 levels.
BUY SUNDARAM FASTNERS
It has formed multiple bottoms near Rs 178-151 zones and now the support has shifted to Rs 162-163 zones. It is set to start an up move after the long consolidation of last 5 months as it has managed to hold its 50 DMA. Thus recommending the traders to buy the stock with the stop loss Rs 167 for the upside immediate target of Rs 186 levels.
BUY TCS
It is trading in a broader range of Rs 2,450 to Rs 2,750 levels from last 6 series and it recently negated the negativity of previous two weeks and is making higher highs – higher lows. The stock might see an up move till Rs 2,595 and higher levels led by short covering activities. So recommending buying the stock to grab the opportunity of attractive risk reward ratio with the stop loss of Rs 2,445 for the upside target of Rs 2,595 levels.
SELL VEDANTA
It failed to cross the immediate hurdle of Rs 120 levels in the previous week and started to decline with built up of short and liquidation of long position. The stock has dull price behavior and witnesses selling pressure at every small bounce back. We are expecting this behavior to continue which may drag it to Rs 99.50 and lower levels. So, one can sell the stock with the stop loss of Rs 107 for the downside target of Rs 99.50 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
