 "Intraday trading strategies by Chandan Taparia of Anand Rathi")
HAVELLS INDIA: BUY
STOP LOSS: Rs 274
TARGET: Rs 295
The stock crossed its 50 DMA and managed to hold the gains above its 285 levels. Recently, it negated the negativity of last twelve trading sessions. It has taken support at its November month breakout levels and has given a classical example of resistance becoming support. One can buy the stock with stop loss of 274 for the upside target of 295 levels.
IRB INFRA: BUY
STOP LOSS: Rs 214
TARGET: Rs 230
It has been consolidating in a broader range 220 to 270 levels from last one year and the support is intact even after the volatility in the broader market. It is turning from the lower band of the trading range and is showing the potential to move towards the higher levels. Thus recommending buying the stock with the stop loss of 214 for the upside target of 230 levels
HINDALCO: SELL
STOP LOSS: Rs 73
TARGET: Rs 64
The major trend of the stock is intact to weak as it has been falling down from last four weeks. It witnesses sustain selling pressure at every small bounce back to slide further towards next support of 64-62 zones. It broke its September series low of 67.50 levels and has seen fresh call writing at 70 and 75 strikes which will continue to push the stock to lower levels. One can sell the stock on bounce back move with stop loss of 73 for the downside target of 64 levels.
ALLAHABAD BANK : SELL
STOP LOSS: Rs 54
TARGET: Rs 47.25
The stock has been making lower top – lower bottom formation on daily, weekly and monthly chart. It has a tendency of witnessing selling pressure at every small bounce back move as broader trend and bears are keeping the tight grip on the stock. It has broken its support of 50 levels and is continuously hitting its 52 weeks low levels. One can sell the stock with stop loss of 54 for the downside target of 47.25 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
