Chart Check: Indiabulls Housing Finance, Petronet LNG, Aurobindo Pharma

Here are a few trading ideas of mid-chip companies from Chandan Taparia of Anand Rathi:

INDIABULLS HOUSING FINANCE: BUY
STOP LOSS: Rs 709
TARGET: Rs 752

The stock has surpassed multiple hurdle of Rs 720-725 zones and given a highest daily close in last forty trading sessions. It has given an up move after the recent consolidation of last six trading sessions and has been respecting to its 50 DMA. It is making an attractive price pattern and looks strong to move towards next hurdle of Rs 750-752 zones. One can buy the stock with stop loss of Rs 709 for the upside target of Rs 752 levels.

PETRONET LNG: BUY
STOP LOSS: Rs 238
TARGET: Rs 258

The stock has given a consolidation breakout after the accumulation of last sixteen trading sessions. It crossed and closed above immediate hurdle of Rs 247 zones and registered a new life time high levels. It is trading above all the moving averages and entered into uncharted territory so a next leg of rally cannot be ruled out. One can buy the stock with stop loss of Rs 238 for the upside target of Rs 258 levels.

AUROBINDO PHARMA: BUY
STOP LOSS: Rs 865
TARGET: Rs 915

It has been moving upwards from last three weeks and made a new life time high with sustained buying in most of the pharma stocks. It is up by around 7% in this series and trading above its volume weight age average of Rs 838 levels. It has seen short covering move and now fresh long may drive the rally for higher territory. Traders can buy the stock with stop loss of Rs 865 for the upside target of Rs 915 levels.

ALLAHABAD BANK: SELL
STOP LOSS: Rs 73.50
TARGET: Rs 67

It failed to cross immediate hurdle of Rs 71.50-71.75 zones after the continuous struggle of last two weeks. It has been trading below immediate support of Rs 70 and not ready to recover even after the recovery in broader market which indicates bearish price behavior 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 series. Traders can sell the stock with stop loss of Rs 73.50 for the downside target of Rs 67 levels.

Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.

Chandan Taparia is a derivative and technical analyst with Anand Rathi