Technical buy and sell calls by Chandan Taparia of Anand Rathi

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

BUY ZEE ENTERTAINMENT 

The stock inched higher from its consolidation phase of last three weeks and reclaimed its 500 zones. It has taken support on its 50 and 200 DMA and gave the highest daily close of last ten weeks. If follow-up buying continues then a fresh rally towards Rs 512 and higher levels may be seen. So, one can buy the stock with the stoploss of Rs 482 for the upside target of Rs 512.

BUY ACC

The stock gave a strong breakout and moved higher from its consolidation phase. It surpassed its hurdle of Rs 1370 and closed above its 50-DMA. It has been continuously taking support at its rising support trend line on weekly chart and has formed a strong bottom. It looks attractive in terms of risk reward ration. So, one can buy the stock with the stoploss of Rs 1353 for the upside target of Rs 1440.

BUY DEWAN HOUSING FINANCE CORPORATION

The stock is making higher top-higher bottom formation from last four weeks. The longs are intact in the counter from last couple of trading sessions. It has formed a positive price structure and the support levels are also shifting higher. So, one can buy the stock with the stoploss of Rs 277 levels for the upside immediate target of Rs 294.

SELL GODREJ INDUSTRIES

The stock broke the support of Rs 428 and is finding sustained selling from last three weeks. It is set to break its rising support trend and a follow-up selling below Rs 428 may drag it towards Rs 408. It has been moving sideways to negative even after the buying interest in broader market which indicates its short-term weakness as per price behavior. One can sell the stock with the stoploss of Rs 445 for the downside immediate target of Rs 420.

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

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