Top trading ideas from Anand Rathi; Buy ICICI Bank, Ashok Leyland

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

ASHOK LEYLAND: BUY

It gave a gap up opening in previous session and is continuously holding its positive stance. It is just few points away from its lifetime high levels. It retraced the weakness seen at the start of November month and gave the highest daily close above its 50, 35 and 200 DMA. So we are recommending buying the stock with stop loss of Rs 93 levels for the immediate upside target of Rs 101 levels.

SHRIRAM TRANSPORT FINANCE COMPANY: BUY

It negated the negative formation of making lower top – lower bottom formation of last six weeks. It has managed to hold the support base which is shifting to higher levels with rise in trading volumes which have bullish implication. Overall we have a negative view from fundamental point of view but suggesting this trade in the expectation of immediate technical bounce back move from current levels. Thus recommending the traders to buy the stock with the stop loss Rs 845 for the upside immediate target of Rs 910 levels.

ICICI BANK: BUY

It has been holding the support base and turning from the lower levels. It is witnessing buying interest with all other banking counters and showing the early sign of trend reversal. So we are recommending buying the stock to grab the opportunity of attractive risk reward ratio with stop loss of Rs 260 levels for the immediate upside target of Rs 278 levels.
 
DISH TV: BUY

It has formed multiple bottoms near Rs 94-95 zones and now the support has shifted to Rs 101 zones. It is set to start an up move after the long consolidation of last 4 weeks with built up of long position. Thus recommending the traders to buy the stock with the stop loss Rs 101 for the upside immediate target of Rs 110 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