Technical buy and sell calls by Chandan Taparia of Anand Rathi

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

BUY ICICI BANK

The stock has been consolidating near to Rs 250 from last eleven trading sessions and turning upwards after the profit booking declines of last two series. It is also taking support near to its lower band of the rising channel which also provides a better risk reward ratio at current levels. It moved above its 50-DMA and gave the highest daily close of last thirteen trading sessions. Thus, one can buy the stock with the stoploss of Rs 248 for the upside immediate target of Rs 265.

BUY IDFC LTD

The stock after taking support around Rs 51 started making higher top higher bottom formation on daily chart. It is trading above its 200 and 50-DMA and is well placed to head towards Rs 58 and higher levels. Thus, one can buy the stock with the stoploss of Rs 54 for the upside immediate target of Rs 58.

BUY CIPLA

The stock has been holding the support base from last five weeks and is showing the signs of breaking out from its consolidation phase. It is moving higher with support base shifting and is witnessing short covering activities. Thus, one can buy the stock with the stoploss of Rs 565 for the upside immediate target of Rs 595 levels.

SELL APOLLO HOSPITAL

The stock has failed to continue its bounce-back move after the recovery of last seven trading sessions. It has tendency of witnessing selling pressure after every meaningful bounce-back move so bears may get the grip to drag it on lower levels. It started to add fresh short position and long liquidation may also push it for a profit booking declines. Thus, one can sell the stock with the stoploss of Rs 1246 for the downside immediate target of Rs 1172.

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

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