Stock watch: Technical calls from Anand Rathi Research

Here are a few stocks that you can buy and sell today

BUY ZEE ENTERTAINMENT: The stock is holding the gains and consolidating from last nine trading sessions even after profit taking seen in the broader market. It has been hovering near its lifetime high levels and a follow up buying at the current price juncture may take the stock in new higher territory. The support is shifting higher in the stock as earlier it was taking support around Rs 495 then same shifted to Rs 505 levels. There is support around Rs 510 zones. Recommend buying the stock with the stop loss of Rs 510 for the upside target of Rs 546 levels.

 

BUY IOC: The stock has been making higher tops – higher bottom formation on daily chart and gave a fresh breakout on weekly chart after the consolidation of last seven weeks even though profit taking was seen in the broader market. Thus recommending buying the stock with the stop loss of Rs 570 for the upside immediate target of Rs 608 levels.

SELL GAIL: The stock is making lower top – lower bottom formation from last three week as it failed to surpass the multiple hurdle of Rs 395 zone and finding selling pressure at the higher levels. It broke its support of Rs 385 and witnessing built up of short position with open interest addition of around 6-7% in last couple of trading sessions. One can sell the stock on a small bounce back move with strict stop loss of Rs 390 for the downside target of Rs 365 levels.

SELL ABIRLANUVO: The stock had bounced back from Rs 1176 to Rs 1420 zones but is now finding pause in the up move and giving an early sign of topping out formation. It is hovering near its major supply zone and witnessing long liquidation. The recent pull back is giving an opportunity to sell for the sharp downside move if the support trend line is broken. One can sell the stock on a small bounce back move with strict stop loss of Rs 1440 for the downside target of Rs 1350 levels.

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Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi

Disclaimer: We are suggesting these stocks to our clients but not personal holdings.