Buy Welspun India, Zee Entertainment: Anand Rathi
Here are a few trading ideas from Chandan Taparia of Anand Rathi:
 "Buy Welspun India, Zee Entertainment: Anand Rathi")
WELSPUN INDIA: BUY
Stop Loss: Rs 882
Target: Rs 951
The stock has crossed its multiple hurdle of Rs 900 levels after the struggle of last fifty eight trading sessions and gave the highest daily close in last four months with rising volumes activities. It has been making higher highs – higher lows from last two weeks. It is now showing the potential to cross its lifetime high of Rs 963 and even higher levels.
Stop Loss: Rs 882
Target: Rs 951
The stock has crossed its multiple hurdle of Rs 900 levels after the struggle of last fifty eight trading sessions and gave the highest daily close in last four months with rising volumes activities. It has been making higher highs – higher lows from last two weeks. It is now showing the potential to cross its lifetime high of Rs 963 and even higher levels.
ZEE ENTERTAINMENT: BUY
Stop Loss: Rs 414
Target: Rs 438
It has given a consolidation breakout after the accumulation of last nine trading sessions. It crossed and closed above immediate hurdle of 420 zones and registered a highest daily close of last forty four trading sessions. It is trading above all the moving averages with significant rise in volumes.
Stop Loss: Rs 414
Target: Rs 438
It has given a consolidation breakout after the accumulation of last nine trading sessions. It crossed and closed above immediate hurdle of 420 zones and registered a highest daily close of last forty four trading sessions. It is trading above all the moving averages with significant rise in volumes.
ADITYA BIRLA NUVO: BUY
Stop Loss: Rs 2,065
Target: Rs 2,185
It has been making higher top – higher bottom formation from last eleven trading sessions and registered a resistance breakout. It has seen a V sharp recovery of recent fall of last two series. Thus, a fresh rally towards Rs 2,185 and higher levels led by short covering move cannot be ruled out.
Stop Loss: Rs 2,065
Target: Rs 2,185
It has been making higher top – higher bottom formation from last eleven trading sessions and registered a resistance breakout. It has seen a V sharp recovery of recent fall of last two series. Thus, a fresh rally towards Rs 2,185 and higher levels led by short covering move cannot be ruled out.
PUNJAB NATIONAL BANK: SELL
Stop Loss: Rs 125
Target: Rs 117
It failed to cross immediate hurdle of Rs 124-125 zones after the continuous struggle of last two weeks. It broke its support of Rs 120 zones and registered 52 weeks lowest levels. It is not ready to recover even after the recovery in broader market which indicates weak undertone of the stock. Overall trend is negative as sustained selling pressure is being witnessed in the stocks and shorts are intact as it has been falling from last couple of weeks.
Stop Loss: Rs 125
Target: Rs 117
It failed to cross immediate hurdle of Rs 124-125 zones after the continuous struggle of last two weeks. It broke its support of Rs 120 zones and registered 52 weeks lowest levels. It is not ready to recover even after the recovery in broader market which indicates weak undertone of the stock. Overall trend is negative as sustained selling pressure is being witnessed in the stocks and shorts are intact as it has been falling from last couple of weeks.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research