Sell ACC, Union Bank of India: Chandan Taparia of Anand Rathi

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

POWER GRID: BUY

Stop Loss: Rs 138.50

Target: Rs 146.25

The stock is holding onto the support base from last five sessions and sustaining above its 50 and 350 EMA even after selling pressure witnessed in the broader market. At the current price juncture it is well placed to start fresh rally led by buying interest towards 146.25 and higher levels. 

MARUTI SUZUKI: BUY

Stop Loss: Rs 3,790

Target: Rs 4,015

The stock is making higher – higher bottom formation from last twelve weeks and is continuously taking support at its 35 DMA from last twenty five trading sessions. Its support is shifting higher and it has formed an attractive price structure and is showing the strength to move towards 4015 levels.

UNION BANK OF INDIA: SELL

Stop Loss: Rs 111

Target: Rs 103.50

The stock is making lower highs – lower lows from last consecutive four weeks and is witnessing selling pressure at every minor attempt to bounce. It is witnessing built up of short position with an open interest addition of around 40% in this entire series and shorts are intact in the counter with short rollover from previous series to current series.

ACC: SELL

Stop Loss: Rs 1,462

Target: Rs 1,375

The stock witnessed a pause in the rally and started to decline. It broke its support of 1425-1426 levels and is making lower highs- lower lows from last three trading session. It had witnessed a strong rally in the March and April series and now it is witnessed absence of buying at the higher 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