Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today
BUY HCL TECHNOLOGIES: The stock surpassed its hurdle of Rs 825 levels and gave a consolidation breakout. It has been holding the gains which indicate inherit strength in the counter and has formed a positive price structure. It has recently taken multiple supports near its 50 exponential moving average and moving after the consolidation of last nine weeks. Thus recommending buying the stock with the stop loss of Rs 805 for the upside immediate target of Rs 856 levels.
BUY M&M FINANCIAL: The stock held onto the support around its 50 DMA and witnessed a pause in the profit taking of last few trading sessions. It is hovering near its lifetime high territory and has been making higher top higher bottom formation on weekly chart. Thus recommending buying the stock with the stop loss of Rs 349 for the upside target of Rs 372 levels.
BUY L&T: The stock surpassed its falling trend line and is showing the signs of bottoming out. It gave the highest daily close of last fourteen trading sessions and fresh longs are seen entering the counter. It looks attractive in terms of risk reward ratio. Thus recommending buying the stock with the stop loss of Rs 1435 for the upside target of Rs 1525 levels.
SELL BHARTI INFRATEL: The stock is making lower highs lower lows from last two weeks and failed to surpass the multiple hurdles of Rs 375-378 zones. It has a tendency of witnessing selling pressure even after bounce back move seen in the broader market. It is witnessing long liquidation as well as built up of short position thus supporting our negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of Rs 372 for the downside target of Rs 348 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