 "Technical calls from Anand Rathi: Buy Voltas, GAIL")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for Wednesday’s session
BUY VOLTAS INDIA: The stock has been moving upwards from last two weeks and shifting its support on higher zones. It has been making higher lows from last seven trading sessions and it is well placed to witness a positive momentum. Thus, one can buy the stock with stop loss of Rs 321 for the upside target of Rs 341.
BUY ARVIND: The stock has recently bottomed out near to 320 zones and seen a strong momentum towards 363 levels. It has taken support at weekly support trend line and looks attractive to head towards 370 levels. Thus recommending buying the stock with the stop loss of Rs 347 for the upside target of Rs 370.
BUY GAIL: The stock has been moving upwards and surpassed its hurdle of 438 zones. It has given the highest daily close in last eight weeks and forming a positive price pattern. It has seen built up of long position and positive move may continue towards recent swing high of 456 levels. One can buy the stock with the stop loss of Rs 426 for the upside target of Rs 456.
SELL MCLEOD RUSSEL INDIA: The stock has been making lower top – lower bottom formation and not ready to witness bounce back move even after the market recovery. It has been falling down from last five series and trading near to its life time low levels. However, it has gone to deep oversold territory but weak structure may keep the stock under selling pressure. One can sell the stock with the stop loss of Rs 145.50 for the downside target of Rs 137.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
BUY VOLTAS INDIA: The stock has been moving upwards from last two weeks and shifting its support on higher zones. It has been making higher lows from last seven trading sessions and it is well placed to witness a positive momentum. Thus, one can buy the stock with stop loss of Rs 321 for the upside target of Rs 341.
BUY ARVIND: The stock has recently bottomed out near to 320 zones and seen a strong momentum towards 363 levels. It has taken support at weekly support trend line and looks attractive to head towards 370 levels. Thus recommending buying the stock with the stop loss of Rs 347 for the upside target of Rs 370.
BUY GAIL: The stock has been moving upwards and surpassed its hurdle of 438 zones. It has given the highest daily close in last eight weeks and forming a positive price pattern. It has seen built up of long position and positive move may continue towards recent swing high of 456 levels. One can buy the stock with the stop loss of Rs 426 for the upside target of Rs 456.
SELL MCLEOD RUSSEL INDIA: The stock has been making lower top – lower bottom formation and not ready to witness bounce back move even after the market recovery. It has been falling down from last five series and trading near to its life time low levels. However, it has gone to deep oversold territory but weak structure may keep the stock under selling pressure. One can sell the stock with the stop loss of Rs 145.50 for the downside target of Rs 137.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
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