Chart Check: Lupin, NMDC, Vedanta, Godrej Consumer Products

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


BUY LUPIN: The stock snapped the losses made in previous week and reclaimed its Rs 1500 zones. It crossed and closed above its hurdle of Rs 1508 levels and is showing the early signs of bottoming out. It is turning from the lower levels thus looks attractive in terms of risk reward ratio. Thus recommending buying the stock with the stop loss of Rs 1459 for the upside immediate target of Rs 1552 levels.

 

BUY NMDC: The stock registered fresh 52 weeks high at Rs 122 levels even after profit taking seen in the broader market. It gave a consolidation breakout and has formed a strong price structure on daily chart. It gave the highest daily, weekly and monthly close in last 16 months and now it is well placed to head towards Rs 124.50 and higher levels. Thus one can buy the stock with the stop loss of Rs 117 for the upside immediate target of Rs 124.50 levels.

 
BUY VEDANTA: The stock has formed an attractive price structure and is holding the support base from last seven trading sessions. The longs are intact in the counter and if the follow up buying is seen then the stock may head towards Rs 203 and higher levels. Thus one can buy the stock with the stop loss of  Rs 191 for the upside immediate target of Rs 203 levels.

 
SELL GODREJ CONSUMER: The stock failed to hold its 1600 zones and witnessed selling towards Rs 1574 levels. Fresh built up of short position was in the counter which may drag it to further lower levels. One can sell the stock on a small bounce back move with strict stop loss of Rs 1640 for the downside target of Rs 1544 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