Chart Check: Torrent Power, Bharti Infratel, BHEL, Coal India

Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
 
BUY TORRENT POWER
The stock made double bottom price pattern on daily chart which has bullish implication. It held on the gains with strength even after selling pressure seen in the broader market. It is showing the sign of bottoming out at the multiple support levels thus looks attractive in terms of risk reward ratio. Thus recommending buying the stock with the stop loss of Rs 160 for the upside immediate target of Rs 172.
 
BUY BHARTI INFRATEL

The stock held onto the gains at its multiple support levels. It has a tendency of turning from the support levels of it recent trading range from last ten weeks and expecting the same to continue in next coming session. So one can buy the stock on small decline to gain from the short covering activities with the stop loss of  Rs 345 for the upside immediate target of Rs 368.

 
SELL BHEL
The stock failed to surpass its hurdle of 142 zones and started to decline. It witnessed built up of short position and has broken all the support levels as it earlier it broke its 136 levels and in previous session it fell below its 131 levels. Thus expecting the same to continue towards 126.50 and lower levels.  So, one can sell the stock with the stop loss of Rs 135 for the downside immediate target of Rs 126.50.

SELL COALINDIA
The stock is making lower top – lower bottom formation from last two weeks and witnessing liquidation of longs as well as built up of short position. It failed to surpass the hurdle of 340 levels and also fell below the support of 310 thus supporting our negative view in the stock. So, one can sell the stock with the stop loss of Rs 313 for the downside immediate target of Rs 293.

Disclaimer: We are suggesting these stocks to our clients but not personal holdings.

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