4 stocks that you can buy today

Here are top trading ideas from Chandan Taparia of Anand Rathi:

TATA CHEMICALS: BUY

STOP LOSS: Rs 389

TARGET: Rs 415

The stock crossed its 200 DMA and gave a price volume breakout after surpassing Rs 389-Rs 390 zones which was acting as a hurdle from last two months. The support base is shifting to higher levels, earlier it was taking support around Rs 340 levels then the same shifted to Rs 360-Rs 362 and now the support is at Rs 389-Rs 390 zones. Thus gave a classical example of resistance becoming support. It gave the highest daily close of last fifty five trading sessions. So, recommending to buy the stock with the stop loss of Rs 389 for the upside immediate target of Rs 415 levels.

COLGATE PALMOLIVE: BUY

STOP LOSS: Rs 805

TARGET: Rs 865 

It has turned from the oversold price territory and gave an early sign of short term bounce back move after the weakness of last 3 weeks. It managed to hold immediate support of Rs 800-Rs 810 zones which has been acting as support from last five weeks. We are here going for a bottom fishing approach. So, suggesting buying the stock to grab the opportunity of attractive risk reward ratio with stop loss of Rs 805 levels for a bounce back target of Rs 865 levels.

ICICI BANK: BUY

STOP LOSS: Rs 232

TARGET: Rs 250

The stock crossed its hurdle of Rs 240 zones and gave the highest daily close of last sixty four trading sessions. It is moving after a consolidation of four weeks with support being intact at around Rs 218-Rs 219 zones. It is witnessing built up of long position with an open interest addition of around 25% in this entire series and is also showing strength with most of the banking counters to head towards Rs 250 and higher levels. We are suggesting buying the stock with stop loss of Rs 232 for an immediate target of Rs 250 levels.

HINDALCO: BUY

STOP LOSS: Rs 91.50

TARGET: Rs 99

The stock gave a price breakout from the consolidation of last fourteen trading sessions by surpassing its supply zone of Rs 92.50 levels which has been acting as a hurdle from last seven series. It gave the highest daily close of last since 11th August, 2015 and witnessed built up of long position in this entire series with an open interest addition of around 57%. Thus, one can buy the stock with the stop loss Rs 91.50 for the upside target of Rs 99 levels.

Chandan Taparia is a technical analyst with Anand Rathi

Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.