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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY VOLTAS: The stock formed a strong bullish candle after the decline witnessed in the initial part of the week and closed near the day’s high levels. It gave the lifetime highest daily close and if follow up buying continues in the stock a fresh rally in new higher territory cannot be ruled out. It is just few points away from its lifetime high levels and is holding the gains above its 50 DMA. The support base is also shifting higher in the stock thus recommending to buy the stock with the stop loss Rs 382 for the upside target of Rs 406 levels.
BUY BEML: The stock gave a consolidation breakout after having been bottomed out and crossed its hurdle of Rs 925 levels. It gave the highest daily close of last nineteen trading sessions. It has taken support at its 13 exponential moving average and snapped the losses of last three weeks. Thus one can buy the stock with the stop loss of Rs 910 for the upside immediate target of Rs 970 levels.
BUY TATAMOTORS: The stock is hovering near its 52 weeks high levels from last six weeks and holding its gains even after profit taking seen in the broader market. It has been holding its positive stance from last eight series. The longs are intact in the counter with open interest addition of around 2% in previous sessions. So, recommending buying the stock with the stop loss of Rs 535 for the upside immediate target of Rs 572 levels.
SELL BANKBARODA: The stock is making lower top – lower bottom formation from last five trading sessions as it failed to surpass the hurdle of Rs 172 zone and is finding selling pressure at the higher levels. It broke its support of Rs 155 and has seen built up of short position with open interest addition of around 19% in last couple of trading sessions which may cause a decline towards Rs 152.50 and lower levels. One can sell the stock on a small bounce back move with strict stop loss of 160 for the downside target of 152.50 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
