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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
SHRIRAM TRANSPORT FINANCE: BUY
Target: Rs 1232
Stop Loss: Rs 1160
The stock surpassed its Rs 1164 levels and is holding the gains from last eleven trading sessions above its 50 DMA. It gave a breakout from its consolidation phase and is just 10 points away from its lifetime high levels. Overall we have cautious view in the counter on long term basis however, from short term point of view we are expecting a positive price action towards Rs 1232 levels. So recommending buying the stock with the stop loss of Rs1160 for the upside target of Rs1232 levels.
POWER GRID: BUY
Target: Rs 167
Stop Loss: Rs 156.50
The stock registered its 52 weeks high levels and gave a consolidation price volume breakout in previous session while it is just 4 points away from its lifetime high levels. It has been making higher top – higher bottom formation on daily, weekly and monthly charts. It gave the highest weekly close and now a continuation of the positive price action towards Rs 167 and new higher territory cannot be ruled out. One can buy the stock with the stop loss of Rs 156.50 for the upside target of Rs167 levels.
TVS MOTOR: BUY
Target: Rs 322
Stop Loss: Rs 300
The stock with sustained buying interest near its support levels managed to cross its immediate hurdle of Rs 308 levels. It gave the highest daily close of last forty two trading sessions. It has witnessed built up of long position with the open interest addition of around 27% from previous series to next series indicating that bulls are intact in the counter. Thus one can buy the stock with the stop loss of Rs 300 for the upside target of Rs 322 levels.
IDFC: SELL
Target: Rs 45.50
Stop Loss: Rs 53
The stock is continuously finding hurdle at every resistance level and has broken its support of Rs 48 levels. It has formed a weak structure and also broke its support trend line with shorts being carried from previous series to next series. So, one can sell the stock with the stop loss Rs 53 for the downside immediate target of Rs 45.50 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
