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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY Gateway Distriparks: The stock has given a consolidation breakout and crossed and closed above its hurdle of Rs 285 levels. It surpassed its 50 DMA and has formed an attractive price pattern with rise in volumes. It has been holding onto the support base from last four weeks. Thus recommending buying the stock with the stop loss of Rs 272 for the upside immediate target of Rs 292 levels.
BUY HCL Technologies: The stock is turning from the support levels and looks attractive in terms of risk reward ratio. The up move was led after taking support around its 50 DMA and which may drive its positive price action for next coming sessions. It has formed a bullish price structure and is showing strength to move towards Rs 796 and higher levels. Thus recommending buying the stock with the stop loss of Rs 748 for the upside immediate target of Rs 796 levels.
SELL Hindustan Zinc: The stock has been finding hurdle at Rs 233 levels and has formed a short term negative pattern. It broke the support of Rs 222 levels with built up of short position and open interest addition of around 13% in last two sessions. So, one can sell the stock on bounce back move with the stop loss Rs 230 for the downside immediate target of Rs 215 levels.
SELL Apollo Hospitals: The stock failed to sustain above the multiple hurdles of Rs 1390-1400 levels in previous week and now turning lower with negative price structure. It broke its support of Rs 1360 levels and witnessed built up of short position with open interest addition of around 35% in last three sessions. So, one can sell the stock on bounce back move with the stop loss Rs 1405 for the downside immediate target of Rs 1320 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
