 "Top Trading ideas from Chandan Taparia")
BUY M&M
STOP LOSS: Rs 1,189
TARGET: Rs 1,270
It has been consolidating in a broader range 1100 to 1400 levels from last one year and the support is intact even after the volatility in the broader market. It is turning from the lower band of the trading range and also formed an inverse head and shoulder pattern on daily chart which has a bullish implication. It has to hold above immediate hurdle of 1220 to witness a momentum and fresh buying interest towards 1270 and HI higher. Thus recommending buying the stock with the stop loss of Rs 1189 for the upside target of Rs 1270 levels.
BUY AUROBINDO PHARMA
STOP LOSS: Rs 804
TARGET: Rs 855
The stock negated the short term negative trend of making lower top lower bottom formation and edged higher above its immediate hurdle of 830 levels. The major trend of the stock is intact to positive even after the volatile swing witnessed in the broader market. It also managed to close above its 50 DMA and may witness up move towards next hurdle of 855 zones. Thus recommending buying the stock with the stop loss of Rs 804 for the upside target of Rs 855 levels.
BUY JUBILANT FOOD
STOP LOSS: Rs 1,228
TARGET: Rs 1,305
The stock turned from crucial support near to oversold territory and negated the immediate weak structure by holding above previous week’s high of 1255 zones. It witnessed built up of long position and turning from the lower levels after taking support thus looks attractive in terms of risk reward ratio. It negated the negativity of last four weeks and is showing the potential to head towards 1305 and higher levels. Thus recommending buying the stock with the stop loss of Rs 1228 for the upside target of Rs 1305 levels.
SELL BANK OF BARODA
STOP LOSS: Rs 132
TARGET: Rs 122
It is continuously trading in bear grip and not giving any meaningful sign of recovery. Recently, it failed to cross its hurdle of 133 levels and fell back in the bears grip with rising selling pressure. It has been making lower top – lower bottom formation and fresh Call writing at 130 strikes also support our negative view on the counter. One can sell the stock on bounce back move with stop loss of Rs 132 for the downside target of Rs 122 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi.
Chandan Taparia is a technical analyst with Anand Rathi.