 "Top technical calls from Chandan Taparia of Anand Rathi")
CIPLA : BUY
Target: Rs 718
Stop Loss: Rs 672
It has finally crossed and closed above its multiple hurdles of Rs 690 zones. It registered the highest daily close of last two months and has been respecting to its 50 DMA even after the consolidation of last 5-6 weeks. Traders can buy the stock to continue to play its momentum with stop loss of Rs 672 for the upside target of Rs 718 levels.
WELSPUN INDIA : BUY
Target: Rs 800
Stop Loss: Rs 735
It has taken multiple support near the Rs 720-725 zones and turning from the oversold price territory on daily chart. It has also negated the immediate negative pattern and holding above Rs 760 may take it to Rs 780-800 levels. Traders can buy the stock with stop loss of Rs 735 for the upside target of Rs 800 levels.
HCL TECH : BUY
Target: Rs 910
Stop Loss: Rs 850
It fell down sharply in the beginning of series from Rs 986 to 811 levels with built up of short position but has taken multiple supports near to Rs 812-817 zones. Recently it also come out from its consolidated range by crossing its hurdle of Rs 870 zones. As per its recent price behavior now if it sustains above Rs 870 zones then may attract a sharp short covering move towards Rs 910 levels. One can go long to play the short covering spike with stop loss of Rs 850 for the upside immediate target of Rs 910 levels.
M&M : SELL
Target: Rs 1,200
Stop Loss: Rs 1,280
It has been falling from last two weeks as it failed to cross crucial hurdle of Rs1300 levels. It has been witnessing liquidation of long followed by fresh short positions. It has broken and closed below its immediate support of Rs1236 zones. According to its recent price behavior it may continue to drift lower towards Rs 1200 zones. Thus recommending to sell the stock with the stop loss of Rs1280 for the downside target of Rs 1200 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
Target: Rs 718
Stop Loss: Rs 672
Also Read
It has finally crossed and closed above its multiple hurdles of Rs 690 zones. It registered the highest daily close of last two months and has been respecting to its 50 DMA even after the consolidation of last 5-6 weeks. Traders can buy the stock to continue to play its momentum with stop loss of Rs 672 for the upside target of Rs 718 levels.
WELSPUN INDIA : BUY
Target: Rs 800
Stop Loss: Rs 735
It has taken multiple support near the Rs 720-725 zones and turning from the oversold price territory on daily chart. It has also negated the immediate negative pattern and holding above Rs 760 may take it to Rs 780-800 levels. Traders can buy the stock with stop loss of Rs 735 for the upside target of Rs 800 levels.
HCL TECH : BUY
Target: Rs 910
Stop Loss: Rs 850
It fell down sharply in the beginning of series from Rs 986 to 811 levels with built up of short position but has taken multiple supports near to Rs 812-817 zones. Recently it also come out from its consolidated range by crossing its hurdle of Rs 870 zones. As per its recent price behavior now if it sustains above Rs 870 zones then may attract a sharp short covering move towards Rs 910 levels. One can go long to play the short covering spike with stop loss of Rs 850 for the upside immediate target of Rs 910 levels.
M&M : SELL
Target: Rs 1,200
Stop Loss: Rs 1,280
It has been falling from last two weeks as it failed to cross crucial hurdle of Rs1300 levels. It has been witnessing liquidation of long followed by fresh short positions. It has broken and closed below its immediate support of Rs1236 zones. According to its recent price behavior it may continue to drift lower towards Rs 1200 zones. Thus recommending to sell the stock with the stop loss of Rs1280 for the downside target of Rs 1200 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
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