 "Top trading ideas from Anand Rathi")
MARUTI SUZUKI: BUY
Target: Rs 4477
Stop Loss: Rs 4242
It negated the negativity of last 7 to 8 trading sessions and snapped the losses of previous four trading sessions with rise in trading volumes. Overall trend of the stock is positive and recent correction provides a buying opportunity for next leg of rally. Thus recommending the traders to buy the stock with the stop loss Rs 4242 for the upside immediate target of RS 4477 levels.
VOLTAS : BUY
Target: Rs 288
Stop Loss: Rs 265
It has formed multiple bottoms near to Rs 245-250 zones and now set to start an up move after the long consolidation of last 6 to 7 weeks. Earlier it corrected from Rs 359 to 243 zones and now moving upwards after an accumulation so looks strong in terms of risk reward ratio. Thus recommending the traders to buy the stock with the stop loss at Rs 265 for the upside immediate target of Rs 288 levels.
SBIN : BUY
Target: Rs 256
Stop Loss: Rs 241
It has been making higher lows from last six weeks and has formed an attractive bullish pattern. It is moving upside with built up of long position and rising in open interest by around 13% and gave the highest daily close of last 30 trading sessions. Thus recommending the traders to buy the stock with the stop loss at Rs 241 for the upside immediate target of Rs 256 levels.
HINDUSTAN ZINC : SELL
Target: Rs 141
Stop Loss: Rs 153
It failed to cross the hurdle of 155 levels. Although it is trading in a range from last five trading session but added built up of short position and holding below Rs 153 may negate its immediate momentum and push the stock towards its next support of Rs 141 and lower levels. Thus recommending to sell the stock with the stop loss of Rs 153 for the downside target of Rs 141 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
