Trading ideas: Buy HUL, REC, IRB Infra; Sell Syndicate Bank

Here are a few trading ideas from Chandan Taparia of Anand Rathi

HINDUSTAN UNILEVER: BUY

Target: Rs 840

Stop Loss: Rs 786

It is turning from the lower levels after forming double bottom pattern on daily chart. It crossed the hurdle of Rs 813-814 levels and gave the highest daily close of last two weeks. It is turning from the oversold territory and has negated the negative trend of making lower lows – lower highs of last six weeks. So recommending buying the stock with the stop loss of Rs 786 for the upside target of Rs 840 levels.


REC : BUY

Target: Rs 282

Stop Loss: Rs 264

It is moving after taking support at its rising trend line and has been making higher top- higher bottom formation. It has retraced the weakness it made recently by 38.2% retracement levels and is indicating a continuation in the bounce back move towards Rs 282 and higher levels with attractive risk reward ratio. So recommending to buy the stock with the stop loss of Rs 264 for the upside target of Rs 282 levels.
 
 

IRB INFRA: BUY

Target: Rs 244

Stop Loss: Rs 229

It has been consolidating in a broader range from last couple of series but the support is base is intact even after the volatility in the broader market. Even though, it is stuck in a range but still managed to hold the base. It is turning from the lower levels with short covering activities. Thus recommending buying the stock with the stop loss of Rs 229 for the upside target of Rs 244 levels.

 

SYNDICATE BANK: SELL

Target: Rs 80.50

Stop Loss: Rs 88

It failed to cross a strong hurdle of 85-86 zones and has been making lower top – lower bottom formation. It is witnessing built up of short position and these shorts are intact in the counter with short rollover from previous series to current series. We are expecting this weakness to continue for next coming sessions as it failed to recover even after the positive sentiment in the market. So, one can sell the stock with the stop loss of Rs 88 for the downside target of Rs 80.50 levels.



Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.

Chandan Taparia is a technical analyst with Anand Rathi Retail Research