 "Top picks from Chandan Taparia of Anand Rathi")
BUY ITC
STOP LOSS: Rs 311.50
TARGET: Rs 336
The stock is holding the gains from last six trading sessions. It is also showing resilience at the time of selling pressure being witnessed at in the broader market. It has surpassed falling supply trend line and closed above 50 DMA which is a positive sign for the counter. Overall medium term trend is range bound and suggesting to buy as recently turned near to the immediate support zones of 305 zones. Thus recommending buying the stock with the stop loss of Rs 311.50 for the upside target of Rs 336 levels.
BUY WELSPUN INDIA
STOP LOSS: Rs 830
TARGET: Rs 897
The stock is comfortably holding above immediate support of 820 zones from last six trading sessions. It is also respecting to its 50 DMA and set to head towards new life time high territory. So recommending buying the stock with the stop loss of Rs 830 for the upside target of Rs 897 levels.
SELL BANK OF BARODA
STOP LOSS: Rs 126.50
TARGET: Rs 115
It has failed to cross immediate hurdle of 132-133 zones and again started to decline with fresh built up of short position. Most of the PSU banks are under the bear grip and witnesses fresh selling at every small bounce back move. It has been making lower top – lower bottom formation on weekly price and holding below 120 may hit the fresh 52 weeks low towards 115 zones. One can sell the stock with stop loss of Rs 126.50 for the downside target of Rs 115 levels.
SELL JINDALSTEEL
STOP LOSS: Rs 64.50
TARGET: Rs 58
It witnessed a recovery from 56 to 67 zones in previous two weeks but failed to hold it and started to decline with call writing at 65 and 70 strike. It has been continuously trading in bears grip and making negative price formation on daily, weekly and monthly chart. The overall structure of the stock is negative and it witnesses selling pressure at every small bounce. Thus, recommending selling the stock with the stop loss of Rs 64.50 for the downside target of Rs 58 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
