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Here are a few trading strategies by Chandan Taparia of Anand Rathi for trade today:
BUY HINDALCO: The stock surpassed its multiple hurdles of Rs 140 zones after the struggle of last three weeks. It witnessed huge built up of long position with strong open interest addition of around 22% in previous session indicating inherent strength in the counter. It gave the highest daily close since 11th May, 2015. One can buy the stock with the stop loss of Rs 138 for the upside immediate target of Rs 147 levels.
BUY ASIAN PAINTS: The stock is holding above Rs 1140 levels and gave the second highest daily close. It has been hovering near its lifetime high levels and accumulating position. It was holding onto the support even after profit taking seen in broader market. Thus one can buy the stock with the stop loss of Rs 1100 for the upside immediate target of Rs 1175 levels.
BUY TVS MOTOR: The stock has been making higher top –higher bottom from last eight trading sessions. The up move in the stock was led by short covering activities and now according to the current price placement of the stock a further move towards Rs 310 and higher levels may be seen. It gave the highest daily close of last 14 trading sessions. Thus recommending buying the stock with the stop loss of Rs 290 for the upside target of Rs 310 levels.
SELL APOLLO HOSPITALS: The stock failed to surpass the multiple hurdles of Rs 1390-1400 levels in previous week and now turning lower with negative price structure. It has turned from the upper band of the recent trading range and now it is showing weakness and indicating selling pressure towards Rs 1330 and lower levels. So, one can sell the stock on bounce back move with the stop loss Rs 1415 for the downside immediate target of Rs 1330 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi
