Chart Check: Equitas Holdings, Gail, HCL Technologies

Trading strategies by Chandan Taparia of Anand Rathi

Here are a few stock strategies for today from Anand Rathi Research:


BUY EQUITAS HOLDINGS LIMITED: The stock has given a fresh breakout by crossing its previous hurdle of Rs 193.50 and trading at uncharted life time high territory. It has been moving upwards from last three trading sessions with rising trading and delivery volumes which suggests that participants are adding position for next leg of rally. One can buy the stock with the stop loss of Rs 185 for the upside immediate target of Rs 202 levels.

BUY POWERGRID: The stock has given a fresh breakout on daily, weekly and monthly chart as managed to hit its record life time high levels. It crossed its previous hurdle of Rs 171 and headed towards Rs 173 levels even after a negative to range bound trading session. It has given a multiple year breakout by crossing 2007 high of Rs 167.50 so a fresh and strong rally may start in the stock. One can buy the stock with the stop loss of 165 for the upside immediate target of Rs 176 levels.

BUY HCLTECH: The stock managed to hold above its resistance of Rs 740 zones after the struggle of last two weeks. The positive price action was led by short covering and now fresh built up of long position may drive its bounce back move for next coming sessions. It has formed a bullish price structure and according to its current placement an up move towards Rs 760 and higher levels cannot be ruled out. It is giving an early sign of bottoming out and has also given the highest daily close of last fourteen trading sessions. Thus recommending buying the stock with the stop loss of Rs 722.50 for the upside immediate target of Rs 760 levels.

SELL GAIL: The stock failed to surpass the multiple hurdles of Rs 400-402 levels in last 3-4 weeks and now turning lower with negative price structure below its support zones. It has added built up of short near the hurdle zones which also indicates a negative view on the stock. So, one can sell the stock on bounce back move with the stop loss Rs 401 for the downside immediate target of Rs 377 levels.

==========================

Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi

Disclaimer: We are suggesting these stocks to our clients but not personal holdings