 "Top four trading calls by Chandan Taparia of Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for Wednesday's session:
BUY GRASIM
The stock has given an upside breakout from its symmetrical triangle pattern on daily chart. It has also conquered to its 200 DMA and rising trading volumes also suggests a potential upside in the stock. It has surpassed its hurdle of 881 and 899 zones thus giving further upside target of 936 and higher levels. One can buy the stock on a small decline with stop loss of Rs 882 for the target of Rs 936 levels.
The stock has given an upside breakout from its symmetrical triangle pattern on daily chart. It has also conquered to its 200 DMA and rising trading volumes also suggests a potential upside in the stock. It has surpassed its hurdle of 881 and 899 zones thus giving further upside target of 936 and higher levels. One can buy the stock on a small decline with stop loss of Rs 882 for the target of Rs 936 levels.
BUY HINDUSTAN PETROLEUM
The stock has been making higher highs – higher lows from last four weeks and trading at uncharted life time high territory. We have observed buying interest in all the Oil Marketing companies and this momentum may extend for next coming sessions as volume participation is rising at higher levels. It has surpassed a supply trend line of last six months and holding above the same may take it to further 4-5% from current levels. However it has gone in to overbought territory but immediate trend and momentum suggesting us to stay on long side. One can buy the stock with stop loss of Rs 499 for the upside target of Rs 530 levels.
The stock has been making higher highs – higher lows from last four weeks and trading at uncharted life time high territory. We have observed buying interest in all the Oil Marketing companies and this momentum may extend for next coming sessions as volume participation is rising at higher levels. It has surpassed a supply trend line of last six months and holding above the same may take it to further 4-5% from current levels. However it has gone in to overbought territory but immediate trend and momentum suggesting us to stay on long side. One can buy the stock with stop loss of Rs 499 for the upside target of Rs 530 levels.
BUY ASIAN PAINTS
The stock is making higher top – higher bottom formation from last four weeks. It surpassed its crucial hurdle of 970-975 zones and holding the same may start a fresh leg of up move after the recent bounce back from 853 to 976 zones. It witnessed fresh built up of long position and also longs are intact in the counter even at current levels. So one can take a small risk with stop loss of Rs 948 for the upside target of Rs 1,010 levels.
The stock is making higher top – higher bottom formation from last four weeks. It surpassed its crucial hurdle of 970-975 zones and holding the same may start a fresh leg of up move after the recent bounce back from 853 to 976 zones. It witnessed fresh built up of long position and also longs are intact in the counter even at current levels. So one can take a small risk with stop loss of Rs 948 for the upside target of Rs 1,010 levels.
SELL GODREJ INDUSTRIES
The stock has failed to surpass its multiple hurdles of 440-446 zones and finding sustained selling from last three weeks. It is set to break its rising support trend and a follow up selling below 428 may drag it towards 408 levels. It has been moving sideways to negative even after the buying interest in broader market which indicates its shorts term weakness as per price behavior. One can sell the stock with the stop loss of Rs 448 for the downside immediate target of Rs 420 levels.
The stock has failed to surpass its multiple hurdles of 440-446 zones and finding sustained selling from last three weeks. It is set to break its rising support trend and a follow up selling below 428 may drag it towards 408 levels. It has been moving sideways to negative even after the buying interest in broader market which indicates its shorts term weakness as per price behavior. One can sell the stock with the stop loss of Rs 448 for the downside immediate target of Rs 420 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
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