Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today.
BUY L&T FINANCE HOLDINGS: The stock has taken support at its 50 weekly moving average and is showing the signs of bottoming out. It surpassed its immediate hurdle of 87-88 zones and looks attractive in terms of risk reward ratio. It is turning from the oversold territory so one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of Rs 84 for the upside immediate target of Rs 90.75.
BUY UPL: The stock formed a hammer candle on weekly chart and closed positive after the negative closing of last four weeks. It took support at the 500 weekly moving averages and gave the highest close of last eight sessions. It set for a fresh rally after holding the support base and may move towards 643 and higher levels. Thus recommending buying the stock with the stop loss of Rs 604 for the upside immediate target of Rs 643.
BUY ARVIND: The stock witnessed a sharp surge after surpassing the hurdle of 349-350 zones and witnessed a breakout from its consolidation phase. Fresh longs were seen entering the counter as the open interest rose by around 9% and now according to the current placement of the stock continuation in this up move towards 376 and higher levels cannot be ruled out. So, one can buy the stock with the stop loss of Rs 350 for the upside immediate target of Rs 376.
SELL DLF: The stock witnessed selling even after the strong bounce seen in the broader market and witnessed built up of short position with short rollover to current series thus supporting the negative view in the counter. Thus expecting the same to continue towards 110 and lower levels. So, one can sell the stock with the stop loss Rs 118 for the downside immediate target of Rs 110.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi