 "Image via Shutterstock")
Here are a few trading strategies by Chandan Taparia of Anand Rathi for trade today:
BUY AMARA RAJA BATTERIES: The stock has taken multiple support and rising higher after forming higher highs – higher lows on weekly chart from last two weeks. It surpassed its hurdle of Rs 915 levels and is showing the potential to head towards Rs 965 and higher levels. It gave the highest daily close of last seven weeks. Thus recommending buying the stock with the stop loss of Rs 900 for the upside target of Rs 965 levels.
BUY JET AIRWAYS: The stock has formed a bullish head & shoulder on daily chart and turning from the lower levels after taking support at its 50 weekly moving average and 200 daily moving averages. It surpassed its hurdle of Rs 598 and gave the highest daily close of last ten weeks. Currently it is well placed to continue it’s up move towards Rs 638 and higher levels. Thus recommending buying the stock with the stop loss of Rs 598 for the upside target of Rs 638 levels.
BUY TVS MOTOR: The stock is moving after taking multiple supports and witnessing built up of long position. It has been turning from lower levels of its recent trading range and is moving after the profit taking decline witnessed in previous week which has bullish implication. Thus recommending buying the stock with the stop loss of Rs 282 for the upside target of Rs 302 levels.
SELL PUNJAB NATIONAL BANK: The stock failed to surpass the multiple hurdles of Rs 137 levels in previous week and now turning lower with negative price structure below its support zones. It has added built up of short near the hurdle zones with liquidation of long position which also supports our negative view on the stock. So, one can sell the stock on bounce back move with the stop loss Rs 129 for the downside immediate target of Rs 121.50 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi
