Buy Cairn, Syngene, Dabur: Chandan Taparia of Anand Rathi

Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today

BUY CAIRN: The stock held onto the previous support around 222 zones even after the sharp decline seen in the broader market. It witnessed a smart recovery from the lower levels with strong buying interest. It is trading above its moving averages and sustained its levels around its 52 weeks high territory. One can buy the stock with the stop loss of 232 for the upside immediate target of 247 levels.

BUY SYNGENE: The stock sustained above its 50 daily moving average and saw a smart recovery from the lower levels. It drifted towards 495 levels due to global cues but as the day progressed it witnessed sustained buying and headed towards 555 levels and ended on a positive note. Thus recommending to buy the stock with the stop loss of 530 levels for the upside target of 568 levels.

BUY DABUR: The stock held onto the support at its previous support zone even after huge profit taking seen in the broader market. It has added fresh longs with open interest addition of around 7-8% in previous session supporting our positive view in the stock. Now according to current price placement of the stock if follow up buying continues then a possibility of an up move towards 305 and higher levels may be seen. Thus one can buy the stock with the stop loss of 286 levels for the upside target of 306 levels.

SELL KAVERI SEED: The stock broke its support of 400 levels and has formed a negative price structure. It is witnessing built up of short position as well as liquidation of longs thus supporting the negative view in the counter. One can sell the stock on a small bounce back move with strict stop loss of 405 for the downside target of 380 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