ALSO READTrading ideas from Anand Rathi: Buy IRB Infra, UPL Technical calls from Anand Rathi: Buy Voltas, GAIL Buy Dabur, UPL; sell DLF, Bank of India says Chandan Taparia of Anand Rathi Technical calls from Anand Rathi: Buy ICICI Bank, M&M Technical buy and sell calls by Chandan Taparia of Anand Rathi
Here are a few trading ideas from Chandan Taparia of Anand Rathi for Friday's session:
BUY CASTROL INDIA: The stock inched higher from its consolidation phase and gave the highest daily close of last twenty three trading sessions. It has been holding the support base above its 200 weekly moving average and surpassed the hurdle of 395 zones after the struggle of last five weeks. It is well placed to head towards 408 and higher levels, thus one can buy the stock with the stop loss of Rs 384 for the upside immediate target of Rs 408.
BUY IDFC: The stock surpassed the hurdle of 57 levels and moved above its 50 DMA. The support is shifting higher and is sustaining above its 200 DMA. It has been making higher top – higher bottom formation from last three weeks and is well placed to head towards 58.75 and higher levels. Thus one can buy the stock with the stop loss of Rs 55 for the upside immediate target of Rs 58.75.
BUY UPL: The stock surpassed the hurdle of 678 zones with fresh built up of long position even at the current levels. It gave the highest daily close of last twenty two trading sessions and formed an attractive price structure. It has been making higher highs – higher lows from last three week. So one can buy the stock with the stop loss of Rs 663 for the upside immediate target of Rs 705.
SELL ORIENTAL BANK OF COMMERCE: The stock has failed to continue its bounce back move after the recovery in previous week. It has tendency of witnessing selling pressure after every meaningful bounce back move so bears may get the grip to drag it on lower levels. It is witnessing liquidation of long positions. Thus, recommending selling the stock with the stop loss of Rs 119.50 for the downside immediate target of Rs 112.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi