 "Trading strategy")
TCS: BUY
Target: Rs 2,587
Stop Loss: Rs 2,450
It is trading in a broader range of Rs 2450 to 2750 levels from last 6 months and it is turning from the lower band of the trading range after negating the negativity of last eight trading sessions. It is turning from oversold territory after a sharp decline. Thus, recommending to buy the stock to get the opportunity of attractive risk reward ratio with the stop loss of Rs 2450 levels for the upside target of Rs 2587 levels.
AXIS BANK: BUY
Target: Rs 528
Stop Loss: Rs 491
It is moving after taking support at its Rs 485 levels and has been making higher highs from last five trading sessions and edged above its 50 DMA. It gave a breakout on daily chart from its falling supply trend line with rising trading volumes which has bullish implications. So, traders are recommended to buy the stock with the stop loss of Rs 491 for the upside target of Rs 528 levels.
AMBUJA CEMENTS: SELL
Target: Rs 204
Stop Loss: Rs 217
It has recently failed to surpass the immediate hurdle of Rs 215 and started to decline from last two trading sessions with built up of short and liquidation of long position. The stock has dull price behavior and witnesses selling pressure at every small bounce back. We are expecting this behavior to continue which may drag it to Rs 204 and lower levels. So, one can sell the stock with the stop loss of Rs 217 for the downside target of Rs 204 levels
ONGC: SELL
Target: Rs 245
Stop Loss: Rs 262
It failed to cross immediate hurdle of Rs 265-267 zones after a bounce back in previous three weeks. Overall major trend of the stock is negative and after the recent bounce back move provides a fresh opportunity to sell the stock. The counter is witnessing liquidation of long position from last seven trading sessions even after the positive move in the broader market. We are expecting this weakness to continue for next coming sessions. So, one can sell the stock with the stop loss of Rs 262 for the downside target of Rs 245 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
