Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today
The stock has taken multiple supports on its daily chart and snapped the losses of previous week. It is turning from oversold territory as indicated by the mechanical indicators and looks attractive in terms of risk reward ratio. So one can buy the stock to grab the opportunity of attractive risk-reward ratio with the stop loss of Rs 85 for the upside immediate target of Rs 92.50 levels.
The stock has been making higher highs from last four trading sessions and surpassed the immediate hurdle of 160 zones. It gave the highest daily close of last nine trading sessions and moved above its 13 exponential moving average. So, one can buy the stock with the stoploss of Rs 153 for the upside immediate target of Rs 162.50 levels.
BUY ZEE ENTERTAINMENT ENTERPRISES
The stock witnessed a sharp surge after taking multiple supports around Rs 430 zones. Fresh longs were seen entering the counter as the open interest rose by around 2% and now according to the current placement of the stock, the continuation in this up move towards Rs 470 and higher levels cannot be ruled out. So, one can buy the stock with the stop loss of Rs 440 for the upside immediate target of Rs 470 levels.
SELL BANK OF INDIA
The stock failed to surpass its 123-125 levels and has added fresh short position with open interest addition of around 2% in previous session which may support our negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs 126 for the downside target of Rs 117 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