 "Buy Bharat Forge, Muthoot Finance, Arvind; sell Bata India: Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi
BUY BHARAT FORGE: The stock has made rounding bottom in weekly chart and surpassed its multiple hurdle of Rs 915 zones after the consolidation of last one year. It has been making higher top –higher bottom formation on daily chart and looks strong for the upside immediate target of Rs 950 levels. Thus recommending buying the stock with the stop loss of Rs 890 for the upside immediate target of Rs 950 levels.
BUY MUTHOOT FINANCE: The stock surpassed the immediate falling trend line and gave strong price volume breakout. It has been making higher lows from last four trading sessions and is taking support at its 50 DMA. It gave the highest daily close of last twenty six trading sessions. So, recommending buying the stock with the stop loss of Rs 371 for the upside immediate target of Rs 395 levels.
BUY ARVIND: The stock has given a breakout by forming higher highs – higher lows and crossed its multiple series hurdle of Rs 342- Rs 344 zones. The stock has formed a positive price structure and longs are intact in the counter even at current price juncture with fresh Open interest addition of around 8% in previous session. So, recommending buying the stock with the stop loss of Rs 329 for the upside immediate target of Rs 352 levels.
SELL BATA INDIA: The stock is making lower top – lower bottom formation from last five trading sessions as it failed to surpass the multiple hurdle of Rs 547- Rs 550 zone and is finding selling pressure at the higher levels. It gave the lowest daily close since 1st April, 2016. It broke its support of Rs 520 levels and is witnessing built up of short position with open interest addition of around 17% in last four sessions. One can sell the stock on a small bounce back move with strict stop loss of Rs 530 for the downside target of Rs 500 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
BUY BHARAT FORGE: The stock has made rounding bottom in weekly chart and surpassed its multiple hurdle of Rs 915 zones after the consolidation of last one year. It has been making higher top –higher bottom formation on daily chart and looks strong for the upside immediate target of Rs 950 levels. Thus recommending buying the stock with the stop loss of Rs 890 for the upside immediate target of Rs 950 levels.
BUY MUTHOOT FINANCE: The stock surpassed the immediate falling trend line and gave strong price volume breakout. It has been making higher lows from last four trading sessions and is taking support at its 50 DMA. It gave the highest daily close of last twenty six trading sessions. So, recommending buying the stock with the stop loss of Rs 371 for the upside immediate target of Rs 395 levels.
BUY ARVIND: The stock has given a breakout by forming higher highs – higher lows and crossed its multiple series hurdle of Rs 342- Rs 344 zones. The stock has formed a positive price structure and longs are intact in the counter even at current price juncture with fresh Open interest addition of around 8% in previous session. So, recommending buying the stock with the stop loss of Rs 329 for the upside immediate target of Rs 352 levels.
SELL BATA INDIA: The stock is making lower top – lower bottom formation from last five trading sessions as it failed to surpass the multiple hurdle of Rs 547- Rs 550 zone and is finding selling pressure at the higher levels. It gave the lowest daily close since 1st April, 2016. It broke its support of Rs 520 levels and is witnessing built up of short position with open interest addition of around 17% in last four sessions. One can sell the stock on a small bounce back move with strict stop loss of Rs 530 for the downside target of Rs 500 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
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