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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY BHARAT FORGE: The stock has taken support at its previous support of Rs 844 levels and is making higher highs – higher lows from last four trading sessions. It gave the highest daily close of last one year and is set to surpass the hurdle of Rs 915 levels and head towards Rs 930 and higher levels. So, recommending buying the stock with the stop loss of Rs 870 for the upside immediate target of Rs 930 levels.
BUY ARVIND: The stock surpassed the hurdle of Rs 333- Rs 335 zones and is holding onto the gains. It gave a breakout on daily and weekly chart and crossed and closed above its falling trend line. It has been making higher highs – higher lows from last three sessions and is holding the gains above its 50 and 200 DMA. Thus recommending buying the stock with the stop loss of Rs 320 for the upside immediate target of Rs 346 levels.
BUY AUROBINDO PHARMA: The stock has given a consolidation breakout by forming higher lows and is all set to cross its multiple series hurdle of Rs 825 zones. The stock has formed a positive price structure and fresh built up of long position may take the stock towards Rs 830 and higher levels. So, recommending buying the stock with the stop loss of Rs 780 for the upside immediate target of Rs 830 levels.
SELL KOTAK MAHINDRA BANK: The stock broke the support of Rs 805 levels and failed to sustain its higher levels due to lack of buying interest. It has added short position with open interest addition of around 4% which may cause a decline before starting the next upswing of the stock. One can sell the stock on a small bounce back move with strict stop loss of Rs 835 for the downside target of Rs 787 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
