 "Four trading calls from Chandan Taparia")
JUST DIAL : BUY
Target: Rs 1,020
Stop Loss: Rs 920
TECH MAHINDRA : BUY
Target: Rs 585
Stop Loss: Rs 530
It has negated its weak structure of last six months where it was making lower top – lower bottom formation. It has made an attractive price pattern but struggling to cross its multiple hurdle of Rs 575 zones. If it manages to hold above Rs 575 then a strong up move cannot be ruled out towards Rs 585 and higher levels, we are getting an early sign of momentum by its price behavior and participation from broader IT pack. Thus suggesting to buy the stock with stop loss of Rs 530 for the upside target of Rs 585 levels.
TATA STEEL : SELL
Target: Rs 211
Stop Loss: Rs 232
It has been making lower top lower bottom formation from last one year. Recently it bounced back from Rs 200 to Rs 244 levels but this recovery seems to be short lived as bears are again taking grip in the counter. It is falling down from last three trading sessions with fresh call writing at all higher strikes which also indicates inherent weakness in the counter. Thus recommending to sell the stock with the stop loss of Rs 232 for the downside target of Rs 211 levels.
ADANI PORTS : SELL
Target: Rs 309
Stop Loss: Rs 332
It the last week it failed to cross a strong hurdle of Rs 350 zones and falling down from last two sessions with aggressive built up of short position. It has given a lowest closing in last 2 months and also closed below immediate support of Rs 320 levels. We are expecting this weakness to continue for next coming sessions. So one can sell the stock with the stop loss of Rs 332 for the downside target of Rs 309 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
Target: Rs 1,020
Stop Loss: Rs 920
Also Read
The stock made a bottom formation near to Rs 785 zones in the first week of the month and has been moving upwards from last couple of trading sessions with better volume activities. It closed above 50 DMA and an immediate hurdle of Rs 960 zones which also support our positive view on the stock. It is a beaten down stock so also looks attractive in terms of risk reward ratio. One can buy the stock on decline with stop loss of Rs 920 for the upside target of Rs 1020 levels.
TECH MAHINDRA : BUY
Target: Rs 585
Stop Loss: Rs 530
It has negated its weak structure of last six months where it was making lower top – lower bottom formation. It has made an attractive price pattern but struggling to cross its multiple hurdle of Rs 575 zones. If it manages to hold above Rs 575 then a strong up move cannot be ruled out towards Rs 585 and higher levels, we are getting an early sign of momentum by its price behavior and participation from broader IT pack. Thus suggesting to buy the stock with stop loss of Rs 530 for the upside target of Rs 585 levels.
TATA STEEL : SELL
Target: Rs 211
Stop Loss: Rs 232
It has been making lower top lower bottom formation from last one year. Recently it bounced back from Rs 200 to Rs 244 levels but this recovery seems to be short lived as bears are again taking grip in the counter. It is falling down from last three trading sessions with fresh call writing at all higher strikes which also indicates inherent weakness in the counter. Thus recommending to sell the stock with the stop loss of Rs 232 for the downside target of Rs 211 levels.
ADANI PORTS : SELL
Target: Rs 309
Stop Loss: Rs 332
It the last week it failed to cross a strong hurdle of Rs 350 zones and falling down from last two sessions with aggressive built up of short position. It has given a lowest closing in last 2 months and also closed below immediate support of Rs 320 levels. We are expecting this weakness to continue for next coming sessions. So one can sell the stock with the stop loss of Rs 332 for the downside target of Rs 309 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
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