 "Trading ideas from Chandan Taparia of Anand Rathi")
BUY DR REDDY
STOPLOSS: Rs 3140
TARGET: Rs 3335
The stock gave a strong price volume breakout in the previous session. It recaptured its 3250 territory and also gave the highest weekly closing of last fourteen weeks. It has turned from the lower levels so it looks attractive in terms of risk reward ratio. Thus recommending to buy the stock with the stop loss of 3140 levels for the target of 3335 levels.
BUY IDBI
STOPLOSS: Rs 64
TARGET: Rs 72
The stock has been rising from last three weeks and holding the gains. It crossed its previous resistance of 65 levels and now it has become support. Thus it has given a classical example of resistance becoming support. It gave the highest daily close of last thirty five trading sessions with highest growth in volumes on weekly basis since last twenty one weeks. Thus recommending to buy the stock with the stop loss of 64 levels for the target of 72 levels.
BUY SKS MICROFINANCE
STOPLOSS: Rs 515
TARGET: Rs 550
The stock has formed an attractive price and witnessed built up of long position with total open interest addition of around 8.30% in this entire series. It is continuously respecting to its support line and snapped the losses of last two weeks. According to current price placement it is showing the potential to move towards 550 and higher levels. Thus recommending to buy the stock with the stop loss of 515 levels for the target of 550 levels.
SELL ACC
STOPLOSS: Rs 1282
TARGET: Rs 1200
It has failed to cross immediate hurdle of 1260-1265 zones even after the up move of last four trading sessions and snapped the gains of last two trading sessions. It has a tendency of turning from resistance levels after every minor attempt to bounce back from last one year. It has been making lower top lower bottom formation and also witnessed built up of short position. Thus indicating a further decline towards 1200 and lower levels. Traders can sell with stop loss of 1282 for the downside target of 1200 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi.
