Chart Check: ONGC, GAIL, Apar Industries
Here are a few trading ideas from Chandan Taparia of Anand Rathi
 "Chart Check: ONGC, GAIL, Apar Industries")
APAR INDUSTRIES: BUY
Stop Loss: Rs 500
Target: Rs 555
The stock has made a new life time high by crossing immediate hurdle of Rs 525-528 zones and also registered a highest daily close. It has been making higher top – higher bottom formation and well placed to start the next leg of rally. It is trading above all the moving averages and showing strength to head towards higher levels.
Stop Loss: Rs 500
Target: Rs 555
The stock has made a new life time high by crossing immediate hurdle of Rs 525-528 zones and also registered a highest daily close. It has been making higher top – higher bottom formation and well placed to start the next leg of rally. It is trading above all the moving averages and showing strength to head towards higher levels.
ONGC: BUY
Stop Loss: Rs 220
Target: Rs 237
It has surpassed its falling supply trend line and set to negate its short term negative trend. It has turned from deep oversold price territory and short covering along with support based buying is pulling the stock to higher levels. Although major trend is still under pressure but short term trend looks attractive for a bounce back move from current levels.
Stop Loss: Rs 220
Target: Rs 237
It has surpassed its falling supply trend line and set to negate its short term negative trend. It has turned from deep oversold price territory and short covering along with support based buying is pulling the stock to higher levels. Although major trend is still under pressure but short term trend looks attractive for a bounce back move from current levels.
SHRIRAM TRANSPORT FINANCE COMPANY: BUY
Stop Loss: Rs 814
Target: Rs 872
It has recently taken multiple support near to Rs 785-800 zones and turned back after the weakness of last two series. It usually takes support near to Rs 785-800 zones and witnesses bounce back move, we are expecting same price behavior to continue this time as short covering move is being witnessed in the counter. We have fundamentally contrary view on the stock but suggesting a trade for a bounce back move towards Rs 872 zones.
Stop Loss: Rs 814
Target: Rs 872
It has recently taken multiple support near to Rs 785-800 zones and turned back after the weakness of last two series. It usually takes support near to Rs 785-800 zones and witnesses bounce back move, we are expecting same price behavior to continue this time as short covering move is being witnessed in the counter. We have fundamentally contrary view on the stock but suggesting a trade for a bounce back move towards Rs 872 zones.
GAIL: SELL
Stop Loss: Rs 351
Target: Rs 327
It has failed to surpass immediate hurdle of Rs 360 zones and slightly falling down from last three trading sessions. It was unable to witness a follow up buying interest and holding below Rs 335 we may see a profit booking decline towards Rs 327 and lower zones. It is also witnessing liquidation of long along with fresh short position so a profit booking decline cannot be ruled out.
Stop Loss: Rs 351
Target: Rs 327
It has failed to surpass immediate hurdle of Rs 360 zones and slightly falling down from last three trading sessions. It was unable to witness a follow up buying interest and holding below Rs 335 we may see a profit booking decline towards Rs 327 and lower zones. It is also witnessing liquidation of long along with fresh short position so a profit booking decline cannot be ruled out.
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