 "Trading strategy")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
CASTROL INDIA : BUY
Target: Rs 396
Stop Loss: Rs 374.50
The stock has managed to cross its immediate hurdle of Rs 383 zones and turned positive after the accumulation of last two weeks. It has also formed a multiple bottom near to Rs 365-370 zones and looks attractive in terms of risk reward ratio. One can buy the stock with stop loss of Rs 374.50 for the upside target of Rs 396 levels.
PTC INDIA : BUY
Target: Rs 74
Stop Loss: Rs 68
The stock has surpassed its multiple hurdle of Rs 71 mark and registered a 11 months high levels. It has seen a strong surge in price with rising trading and delivery volumes which indicates that momentum may continue for next coming sessions. It has been trading above its short and medium term moving average and formed a positive price pattern which also suggests a strength in the stock. One can buy the stock with stop loss of Rs 68 for the upside target of Rs 74 levels.
GODREJ INDUSTRIES : BUY
Target: Rs 371
Stop Loss: Rs 350
The stock has come out from its recent consolidation range from Rs 335 to Rs 358 zones. It has been holding above its previous hurdle of Rs 358 zones with rising volume and open interest activities. It has seen open interest addition of around 15% with positive price flow in last couple of trading sessions which indicates that fresh longs are being built in the stock. One can buy the stock with stop loss of Rs 350 for the upside target of Rs 371 levels.
TATA GLOBAL : SELL
Target: Rs 116.50
Stop Loss: Rs 125
The stock has failed to cross its immediate hurdle of Rs 123-124 zones and turning lower from its upper band of the trading range. It has been following this range from last two series and may continue to attract fresh selling at current levels. One can sell the stock with the stop loss of Rs 125 for the downside target of Rs 116.50 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
