Four stocks you can buy today

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

SUN PHARMA: BUY
STOP LOSS: Rs 728
TARGET: Rs 775

The stock managed to turn from previous support of Rs 704-Rs 710 zones and gave the early signs of bottoming out. It edged higher from its consolidation phase of last seven trading sessions and also looks attractive in terms of risk reward ratio. So recommending buying the stock with the stop loss of Rs 728 for the upside immediate target of Rs 775 levels.
 
IDBI BANK: BUY
STOP LOSS: Rs 65
TARGET: Rs 73.25

The stock gave a consolidation breakout and surpassed its hurdle of Rs 68.50-Rs 68.70 levels. It gave the highest daily close of last thirty five trading sessions with significant rise in trading volumes activities. It moved above its 50 weekly exponential moving average. One can buy the stock with the sop loss of Rs 65 for the upside immediate target of Rs 73.25 levels.

VOLTAS: BUY
STOP LOSS: Rs 319
TARGET: Rs 340

The stock has taken support and snapped the losses of previous two trading sessions. It is moving after the long consolidation of last two weeks. The current price structure indicates an up move towards Rs 340 and higher levels. So recommending to buy the stock with the stop loss of Rs 319 for the upside target of Rs 340 levels.
 
UNION BANK OF INDIA: BUY
STOP LOSS: Rs 116
TARGET: Rs 123.50

The stock has formed an attractive price pattern and is gradually rising after taking multiple supports around Rs 104 zones and negated its long term trend of making lower top- lower bottom formation. It is witnessing short covering as well as built up of long position. Thus one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss Rs 116 for the upside immediate target of Rs 123.50 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