 "Chart Check: L&T Finance, Mahanagar Gas, Coal India, IRB Infrastructure")
Here are a few trading strategies by Chandan Taparia of Anand Rathi for trade today:
BUY L&T FINANCE: The stock surpassed the hurdle of Rs 91.50 levels and registered new 52 weeks high levels. It has been making higher highs – higher lows from last three weeks and higher top higher bottom formation on daily chart. The support base is also shifting higher and it is witnessing buying at every decline. Thus one can buy the stock with the stop loss of Rs 84 for the upside immediate target of Rs 92 levels.
BUY MAHANAGAR GAS: The stock has been making higher highs – higher lows from last two weeks and has formed an attractive price pattern. It gave the highest lifetime daily close and has formed an attractive price pattern. It is set to surpass its previous lifetime high and head in the unchartered territory. Thus, recommending to buy the stock with the stop loss of Rs 520 for the upside immediate target of Rs 555 levels.
BUY COAL INDIA: The stock surpassed the multiple hurdles of Rs 337 levels and gave the highest daily close of last thirty six weeks. It has been witnessing built up of long position and added open interest by around 3.50% in last two sessions. It snapped the losses made in the earlier part of the series and now according to its current price placement the stock is showing the potential to head towards Rs 346 and higher levels. So, one can buy the stock with the stop loss of Rs 325 for the upside immediate target of Rs 346 levels.
SELL IRB INFRASTRUCTURE: The stock failed to surpass its hurdle of Rs 215 zones and started to decline. It witnessed built up of short position as well as long liquidation in last couple of trading sessions. It has a tendency of witnessing selling at every minor bounce and expecting the same to continue. We have fundamentally contrary view on the stock but suggesting a trade for immediate profit booking decline towards Rs 208 levels. Thus we are recommending selling the stock on bounce back move with the strict stop loss of Rs 220 for the upside target of Rs 208 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi
BUY L&T FINANCE: The stock surpassed the hurdle of Rs 91.50 levels and registered new 52 weeks high levels. It has been making higher highs – higher lows from last three weeks and higher top higher bottom formation on daily chart. The support base is also shifting higher and it is witnessing buying at every decline. Thus one can buy the stock with the stop loss of Rs 84 for the upside immediate target of Rs 92 levels.
BUY MAHANAGAR GAS: The stock has been making higher highs – higher lows from last two weeks and has formed an attractive price pattern. It gave the highest lifetime daily close and has formed an attractive price pattern. It is set to surpass its previous lifetime high and head in the unchartered territory. Thus, recommending to buy the stock with the stop loss of Rs 520 for the upside immediate target of Rs 555 levels.
BUY COAL INDIA: The stock surpassed the multiple hurdles of Rs 337 levels and gave the highest daily close of last thirty six weeks. It has been witnessing built up of long position and added open interest by around 3.50% in last two sessions. It snapped the losses made in the earlier part of the series and now according to its current price placement the stock is showing the potential to head towards Rs 346 and higher levels. So, one can buy the stock with the stop loss of Rs 325 for the upside immediate target of Rs 346 levels.
SELL IRB INFRASTRUCTURE: The stock failed to surpass its hurdle of Rs 215 zones and started to decline. It witnessed built up of short position as well as long liquidation in last couple of trading sessions. It has a tendency of witnessing selling at every minor bounce and expecting the same to continue. We have fundamentally contrary view on the stock but suggesting a trade for immediate profit booking decline towards Rs 208 levels. Thus we are recommending selling the stock on bounce back move with the strict stop loss of Rs 220 for the upside target of Rs 208 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi
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