 "Buy Adani Ports, Escorts, sell Dr Reddy's says Chandan Taparia")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for Wednesday's session
BUY ESCORTS: The stock inched higher from its consolidation phase and gave the highest daily close of last forty two trading sessions. It has been holding the support base above its 50 DMA and surpassed the hurdle of 335 zones after the struggle of last eight weeks. It is well placed to head towards 348 and higher levels, thus one can buy the stock with the stop loss of Rs 325 for the upside immediate target of Rs 348.
BUY INDIA BULLS HOUSING FINANCE: The stock is making higher highs – higher lows from last three trading sessions and surpassed the hurdle of 685 levels. It gave the highest daily close of last twenty trading sessions above its falling supply trend line. It is showing the signs of bottom formation and looks attractive in terms of risk reward ratio. Thus recommending to buy the stock with the stop loss Rs 665 for the upside target of Rs 707.
BUY ADANI PORTS: The stock surpassed the hurdle of 292 zones with fresh built up of long position at the current levels. It gave a breakout with the open interest addition of around 6% in previous session. It has formed an attractive price pattern and may see an up move towards 304 and higher levels. So one can buy the stock with the stop loss of Rs 284 for the upside immediate target of Rs 304.
SELL DR REDDY’S: 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 started to add fresh short position with open interest addition of around 4% in previous session which may push it for a further profit booking declines. Thus, recommending selling the stock with the stop loss of Rs 3,162 for the downside immediate target of Rs 2,975.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
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