Top intraday ideas from Chandan Taparia of Anand Rathi

Here are a few trading ideas from Chandan Taparia of Anand Rathi:

BUY NTPC
STOP LOSS: Rs 121.50
TARGET: RS 131.50

The stock has been holding the support base at around Rs 120 zones from last 6-7 trading sessions after the fall witnessed from Rs 147 to Rs 120 levels in the start of the February month. It crossed the hurdle of Rs 126.50 zones and gave the highest daily close of last eight trading sessions. Thus we are recommending buying the stock with the strict stop loss of Rs 121.50 for the upside target of Rs 131.50 levels.

BUY WIPRO

STOP LOSS: Rs 508
TARGET: RS 538

It has been consolidating in a broader range Rs 600 to Rs 500 levels from last ten months and the support is intact even after the volatility in the broader market. It is turning from the lower band of the trading range from the oversold territory. It has to hold the support base to witness an up move towards Rs 538 and Rs 550 levels. Thus recommending buying the stock with the stop loss of Rs 508 for the upside immediate target of Rs 538 levels.     

SELL AJANTA PHARMA
STOP LOSS: Rs 1,275

TARGET: RS 1,200

The stock broke its support of Rs 1,265 levels after the consolidation of last eleven trading sessions and gave the lowest close of last three weeks. It has been witnessing built up of short position from last three trading sessions with huge open interest addition of around 24%. It has formed a weak structure as it failed to hold the support base and now weakness may drag it towards Rs 1,200 levels. So, recommending selling the stock on bounce back move with the stop loss of Rs 1,275 for the downside target of Rs 1,200 levels.

SELL SYNDICATE BANK

STOP LOSS: Rs 55.50
TARGET: RS 49

It is continuously falling from last four weeks and is not ready to witness any meaningful recovery. It failed to hold its Rs 60 levels and now this cluster may continue to provide sustain selling which may cause in built up of short position. Major trend of the stock is negative and shorts are intact by rollover activities so weakness may persist in the counter for next coming sessions. One can sell the stock on small bounce back move with stop loss of Rs 55.50 for the downside target of Rs 49 levels.

Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
 
Chandan Taparia is a technical analyst with Anand Rathi