Top buy and sell ideas from Chandan Taparia for today's session

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

BUY INDIGO (INTERGLOBE AVIATION)

The stock inched higher from its hurdle of 927 levels and gave the highest daily close of last forty seven trading sessions. It witnessed a strong rally even after the profit booking decline seen in the broader market indicating strength in the counter. It looks attractive in terms of risk reward ratio thus recommending to buy the stock with the stop loss of Rs 895 for the upside immediate target of Rs 945 levels.

BUY ITD CEMENTATION INDIA

The stock surpassed the hurdle of 162 zones and is hovering near its lifetime high territory. The support base is shifting higher as earlier the support was around 144 then the same shifted to 152 and now the support is around 156-158 zones. Thus, recommending to buy the stock with the stop loss of Rs 156 for the upside target of Rs 166 levels.

SELL APOLLO HOSPITALS

The stock failed to sustain it recent bounce back move and broke the support of 1165 zones. It has tendency of witnessing selling pressure after every bounce back move so bears may get the grip to drag it on lower levels. It is witnessing built up of short position with open interest addition of around 3% in the previous trading sessions. Thus, recommending selling the stock with the stop loss of Rs 1,195 for the downside immediate target of Rs 1,125 levels.

SELL ORIENTAL BANK OF COMMERCE

The stock has failed to surpass its hurdle of 118 zones and witnessed a decline towards 111 zones. The recovery in the counter was short lived as it broke the support of 115 zones and witnessed fresh built up of short positions in previous session. Thus, recommending selling the stock with the stop loss of Rs 116.50 for the downside immediate target of Rs 109 levels.

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

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