 "Chart Check: TVS Motor, Power Grid, BHEL, Coal India")
Here are a few trading strategies by Chandan Taparia of Anand Rathi for trade today:
BUY TVS MOTOR: The stock has been making higher highs –higher lows from last three trading sessions and rising higher even after consolidation being witnessed in the broader market. It crossed and closed above its 50 DMA after taking multiple supports around its 200 day moving average and 50 weekly moving averages. Thus recommending buying the stock with the stop loss of Rs 288 for the upside target of Rs 306 levels.
BUY POWER GRID: The stock has given a fresh breakout on daily, weekly and monthly chart as managed to hit its record life time high levels. It has been making higher top – higher bottom formation from last five months with support base shifting higher. One can buy the stock with the stop loss of Rs 173 for the upside immediate target of Rs 182 levels.
SELL BHEL: The stock has formed multiple tops and witnessing selling pressure from last three trading sessions. It has been forming lower highs – lower lows and broken its support of Rs 140 levels. It has been witnessing built up of short position with an open interest addition of around 15% in last couple of trading sessions near its hurdle area. So, one can sell the stock with the stop loss Rs 145 for the downside immediate target of Rs 136 levels.
SELL COAL INDIA: The stock broke its support of Rs 324 levels and has been making lower highs – lower lows from last three sessions. It has formed a negative price structure and witnessing built up of shorts from last three sessions with an open interest addition of around 8% . It failed to cross its multiple hurdle of Rs 337-338 levels and started to decline thus supporting our negative view in the stock. So, one can sell the stock with the stop loss Rs 338 for the downside immediate target of Rs 318.50 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi
BUY TVS MOTOR: The stock has been making higher highs –higher lows from last three trading sessions and rising higher even after consolidation being witnessed in the broader market. It crossed and closed above its 50 DMA after taking multiple supports around its 200 day moving average and 50 weekly moving averages. Thus recommending buying the stock with the stop loss of Rs 288 for the upside target of Rs 306 levels.
BUY POWER GRID: The stock has given a fresh breakout on daily, weekly and monthly chart as managed to hit its record life time high levels. It has been making higher top – higher bottom formation from last five months with support base shifting higher. One can buy the stock with the stop loss of Rs 173 for the upside immediate target of Rs 182 levels.
SELL BHEL: The stock has formed multiple tops and witnessing selling pressure from last three trading sessions. It has been forming lower highs – lower lows and broken its support of Rs 140 levels. It has been witnessing built up of short position with an open interest addition of around 15% in last couple of trading sessions near its hurdle area. So, one can sell the stock with the stop loss Rs 145 for the downside immediate target of Rs 136 levels.
SELL COAL INDIA: The stock broke its support of Rs 324 levels and has been making lower highs – lower lows from last three sessions. It has formed a negative price structure and witnessing built up of shorts from last three sessions with an open interest addition of around 8% . It failed to cross its multiple hurdle of Rs 337-338 levels and started to decline thus supporting our negative view in the stock. So, one can sell the stock with the stop loss Rs 338 for the downside immediate target of Rs 318.50 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi
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