Stock watch: Technical calls by Chandan Taparia of Anand Rathi

Here are a few trading ideas from Chandan Taparia of Anand Rathi for Wednesday's session:

BUY BATA INDIA

The stock is giving the signs of bottoming out and is set to start fresh rally after consolidating at the lower levels. The mechanical indicator is also supporting our positive view in the stock and is set to move towards Rs 450. So, one can buy the stock to grab the opportunity of attractive risk-reward ratio with the stoploss of Rs 422 for the upside immediate target of Rs 450.

BUY MARICO

The stock has taken multiple supports and surpassed the hurdle of Rs 248. It is giving the signs of bottom formation and is turning from the oversold territory. It crossed its falling supply trend line and also looks attractive in terms of risk reward ratio. Thus, one can buy the stock with the stoploss of Rs 242 for the upside immediate target of Rs 257.

BUY M&M FINANCE

The stock is witnessing huge built-up of long positions and longs being carried from current series to next series. It has been holding the support base and indicating bottom formation at the lower levels. So, one can buy the stock with the strict stoploss of Rs 252 for the upside immediate target of Rs 270.

SELL BANK OF INDIA

The stock is making lower top-lower bottom formation from last seven weeks and is showing weakness. It is witnessing fresh built-up of short position with short rollover to next series thus supporting our negative view in the counter. We are expecting the same to continue towards Rs 101 and lower levels.  So, one can sell the stock with the stoploss Rs 108.50 for the downside immediate target of Rs 101.

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

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