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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today.
BUY NMDC: The stock is making higher highs from last four trading sessions and surpassed the immediate hurdle of 126 zones. It snapped the losses of previous week and gave the highest daily close of last eighteen trading sessions. It crossed and closed above its 200 weekly moving average and is showing the potential to head towards 132 and higher levels. Thus one can buy the stock with the stop loss of Rs 123.50 for the upside immediate target of Rs 132.
BUY DEWAN HOUSING FINANCE CORPORATION: The stock is moving after taking support at its 50 weekly moving average and is making higher lows from last two weeks. It is holding onto the gains and is showing the potential to head towards 263 and higher levels. It is moving after the correction witnessed in the initial part of November thus looks attractive in terms of risk reward ratio. So one can buy the stock with the stop loss of Rs 245 for the upside immediate target of Rs 263.
BUY CUMMINS INDIA: The stock is giving the signs of bottoming out and is set to start fresh rally after consolidating at the lower levels. It gave the highest daily close of last fifteen trading sessions with fresh longs entering the counter. So one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of Rs 764 for the upside immediate target of Rs 812.
SELL BHARTI INFRATEL: The stock failed to sustain above the hurdle of 390 zones and is finding selling pressure at the higher levels. It witnessed huge built up of short position with open interest addition of around 24% in last three trading session and is showing a tendency of witnessing selling pressure at the resistance levels from last three series. One can sell the stock on a small bounce back move with strict stop loss of Rs 388 for the downside target of Rs 364.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
