 "Top trading ideas from Chandan Taparia of Anand Rathi")
ASHOK LEYLAND : BUY
STOP LOSS: Rs 88.25
TARGET: Rs 95.50
The stock has managed to hold its long term positive stance even after selling pressure in the broader market. It is taking support at its 50 DMA and it has a tendency of turning from its support levels. It is holding above its previous hurdle of 91 levels and has the potential to head towards 95.50 and 99 levels in coming sessions. One can buy the stock with stop loss of Rs 88.25 for the upside target of Rs 95.50 levels.
WELSPUN INDIA: BUY
STOP LOSS: Rs 840
TARGET: Rs 905
In has been consolidating in a range and witnessing sustained buying interest at every decline. It is taking support at its 50 DMA and is moving after the recent correction from 937 to 836 levels. It is showing early sign of momentum and has much strength to head towards recent peak levels. One can buy the stock with stop loss of Rs840 for the upside target of Rs905 levels.
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NTPC: BUY
STOP LOSS:Rs 137
TARGET: Rs 145.50
The stock negated the negativity witnessed in last four trading sessions and took support near its 137 levels. However, it has been making higher top – higher bottom formation from last four series and observing built up of long position. The support base is shifting to higher levels even after weakness in broader market which also indicates positive placement of the stock. One can buy the stock with stop loss of Rs137 for the upside target of Rs145.50 levels.
M&M : SELL
STOP LOSS: Rs 1208
TARGET: Rs 1135
The stock has been falling down from last 2 series and witnessing selling pressure with lower top –lower bottom formation. It broke its strong support of 1180 levels which was working well from last three series and is continuously trading in bears grip. It has been witnessing built up of short position which has bearish implication for further declines. Traders can sell the stock with the stop loss of Rs 1208 for the downside target of Rs 1135 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
