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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today
BUY TVSMOTOR: The stock is moving after forming a string support near 345 zones and moved above its 50 and 20 daily moving average. It snapped the losses of previous two weeks and gave moved above its consolidation phase of last twelve trading sessions. It gave the highest daily close of last twelve trading sessions and is well place to head towards 386 and higher levels. So, one can buy the stock with the stop loss of Rs 360 for the upside immediate target of Rs 386.
BUY GODREJ INDUSTRIES: The stock surpassed the immediate falling trend line and snapped the losses of previous week. It moved and closed above its 200 DMA and is giving the early sign of bottom formation. The mechanical indicator is also supporting our positive view in the stock and it also looks attractive in terms of risk reward ratio. So one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of Rs 375 for the upside immediate target of Rs 400.
BUY INDUSIND BANK: The stock has taken multiple supports and showing the signs of bottoming out. Fresh longs were seen entering the counter as the stock witnessed open interest addition of around 2.50% in previous session. It surpassed the immediate hurdle of 1080 levels and also looks attractive in terms of risk reward ratio. Thus recommending to buy the stock with the stop loss of Rs 1,053 for the upside immediate target of Rs 1,121.
SELL GLENMARK: The stock broke the support of 880 zones as failed to surpass the hurdle of 910-911 levels and started witnessed selling pressure. It has added shorts of around 12% in last trading sessions thus supporting our short term negative view in the counter. Thus one can sell with the stop loss of Rs 910 for the upside immediate target of Rs 856.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
