Technical calls from Anand Rathi: Buy ICICI Bank, M&M

Here are a few trading ideas from Chandan Taparia of Anand Rathi for Friday’s session:
 
BUY ZEEL: The stock has been moving upwards from last two weeks and given a consolidation breakout on daily and weekly chart. It has managed to surpass its immediate hurdle of 465 zones and well placed to see a fresh rally. Recently it has bottomed out near to 430 zones and this rally may take it to higher zones. So one can buy the stock with the stop loss of Rs 458 for the upside immediate target of Rs 487.
 
BUY ICICI BANK: The stock has been consolidating near to 250 zones 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. Thus one can buy the stock with the stop loss of Rs 247 for the upside immediate target of Rs 265.

 

BUY M&M: The stock has made multiple bottoms near to 1145 zones and given a strong momentum in the last week by crossing its hurdle of 1220 levels. It has given a highest daily close after the accumulation of last three sessions and added fresh open interest on long side by more than 10%. Thus one can buy the stock with the stop loss of Rs 1,200 levels for the upside target of Rs 1,275.
 
SELL APOLLO HOSPITALS: 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, recommending selling the stock with the stop loss of Rs 1,255 for the downside immediate target of Rs 1,192.

 
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
 
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi