Chart check: Power Grid, Apollo Hospitals, ONGC, Syndicate Bank

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

POWER GRID: BUY
Stop Loss: Rs 143.50
Target: Rs 153.50

The stock has given a consolidation price volume breakout and gave the highest daily close in last eleven months. It held onto its support base around the 50 weekly moving averages from last eight weeks and now it is well placed at the current levels to start fresh rally towards Rs 153.50 and higher levels. One can buy the stock with the stop loss of Rs 143.50 for the upside target of Rs 153.50 levels.
 
APOLLO HOSPITALS: BUY
Stop Loss: Rs 1,310
Target: Rs 1,396

The stock has respected to its multiple support of Rs 1,280-Rs 1,300 zones and now slowly moving upwards with a formation of consolidation breakout. It has given highest daily closing of last twenty one trading sessions and also closed above its 50 EMA. It supports are continuously shifting on higher side so looks strong to head towards Rs 1,396 and higher levels. Thus recommending to buy the stock with the stop loss of Rs 1,310 for the upside immediate target of Rs 1,396 levels.
 
ONGC: SELL
Stop Loss: Rs 215
Target: Rs 203

The stock failed to sustain above its Rs 215 levels and broke its immediate support of Rs 210-Rs 209 levels. It has been continuously witnessing selling and making lower top –lower bottom formation 21 series. It is witnessing built up of short position and has a tendency of witnessing selling at every minor attempt to bounce. Thus the overall trend of the stock is intact to negative. One can sell the stock with the stop loss of Rs 215 for the downside immediate target of Rs 203 levels.
 
SYNDICATE BANK: SELL
Stop Loss: Rs 65.50
Target: Rs 58

The stock has been making lower highs from last three trading sessions and gave the lowest daily close of last forty six trading sessions. It has been making lower top – lower bottom from last four weeks and is continuously trading in bears grip. It is witnessing built up of short position and shorts are intact in the counter with short rollover from previous series to current series. So, one can sell the stock with the stop loss Rs 65.50 for the downside immediate target of Rs 58 levels.

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

Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi