Top trading ideas from Anand Rathi: Buy Ashok Leyland, Siemens

Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today.
 
BUY ASHOK LEYLAND: The stock has taken multiple supports on its daily chart and is giving the signs of bottom formation after its recent decline.  It had formed bullish harami pattern on Monday’s session which has bullish implication. It snapped most of the losses of previous week and now it is well placed to head towards 81 and higher levels. Thus recommending buying the stock with the stop loss of Rs 73.50 for the upside immediate target of Rs 81.
 
BUY SIEMENS: The stock is turning from its oversold territory and is witnessing a bottom formation. It surpassed the immediate hurdle of 1,125-1,130 levels and gave the highest daily close of last twenty one trading sessions. So, one can buy the stock with the stop loss of Rs 1,085 levels for the upside immediate target of Rs 1,156.

 

BUY GODREJ INDUSTRIES: The stock surpassed the immediate falling trend line and snapped the losses of previous two weeks. The stock has taken support at the previous resistance levels with fresh longs entering the counter. So one can buy the stock to grab the opportunity of attractive risk reward ratio with the stop loss of Rs 372 for the upside immediate target of Rs 396.
 
SELL BHARTI INFRATEL: The stock failed to sustain above the hurdle of 390 zones and is finding selling pressure at the higher levels. It witnessed huge built up of short position with open interest addition of around 8% in previous session and is showing a tendency of witnessing selling pressure at the resistance levels from last three series. One can sell the stock on a small bounce back move with strict stop loss of Rs 396 for the downside target of Rs 372.

 
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi