 "Top trading ideas from Chandan Taparia of Anand Rathi")
ASHOK LEYLAND : BUY
TARGET: Rs 93
STOP LOSS: Rs 85.50
It has recently taken support near 85 zones and has been moving upwards from last five trading sessions. It is also making higher highs – higher lows and may start the next leg of rally towards new high territory. Major trend of the stock is positive but it has been struggling to surpass 100 zones from last five months and stuck in a trading range. It looks attractive in terms of risk reward ratio as turning from lower band of the recent trading range. One can buy the stock with stop loss of 85.50 for the upside target of 93 levels.
IDBI BANK : BUY
TARGET: Rs 93
STOP LOSS: Rs 84
It has turned from its multiple support of 80-81 zones and moving upwards with rising trading and delivery volumes. It has crossed and closed above immediate hurdle of 88-89 zones and also holding the gain above its 50 DMA. It managed to hold the immediate support zones in last 2-3 weeks even after the weakness in broader market that indicates inherit strength of the stock. Traders can buy the stock with stop loss of 84 for the upside target of 93 levels.
DIVIS LAB : BUY
TARGET: Rs 1,181
STOP LOSS: Rs 1,113
It has recently taken support near to 1100 and crossed the hurdle of 1140-1145 zones. It has been holding the gains and given an up move on last session with open interest addition of 8% which indicates that after the recent consolidation fresh longs are being added to drive the stock on higher side. We are suggesting to buy with stop loss of 1113 for the upside target of 1181 levels.
VEDANTA : SELL
TARGET: Rs 81
STOP LOSS: Rs 89
It has failed to hold recent bounce back move and again turning to lower zones. It has been making lower price formation and underperforming the entire metal pack. It has recovered from 81.65 to 92.75 zones in last six sessions and now fresh short are again putting the pressure to drag it to lower levels. Traders can sell the stock on small bounce back move with stop loss of 89 for the downside target of 81 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
TARGET: Rs 93
STOP LOSS: Rs 85.50
Also Read
It has recently taken support near 85 zones and has been moving upwards from last five trading sessions. It is also making higher highs – higher lows and may start the next leg of rally towards new high territory. Major trend of the stock is positive but it has been struggling to surpass 100 zones from last five months and stuck in a trading range. It looks attractive in terms of risk reward ratio as turning from lower band of the recent trading range. One can buy the stock with stop loss of 85.50 for the upside target of 93 levels.
IDBI BANK : BUY
TARGET: Rs 93
STOP LOSS: Rs 84
It has turned from its multiple support of 80-81 zones and moving upwards with rising trading and delivery volumes. It has crossed and closed above immediate hurdle of 88-89 zones and also holding the gain above its 50 DMA. It managed to hold the immediate support zones in last 2-3 weeks even after the weakness in broader market that indicates inherit strength of the stock. Traders can buy the stock with stop loss of 84 for the upside target of 93 levels.
DIVIS LAB : BUY
TARGET: Rs 1,181
STOP LOSS: Rs 1,113
It has recently taken support near to 1100 and crossed the hurdle of 1140-1145 zones. It has been holding the gains and given an up move on last session with open interest addition of 8% which indicates that after the recent consolidation fresh longs are being added to drive the stock on higher side. We are suggesting to buy with stop loss of 1113 for the upside target of 1181 levels.
VEDANTA : SELL
TARGET: Rs 81
STOP LOSS: Rs 89
It has failed to hold recent bounce back move and again turning to lower zones. It has been making lower price formation and underperforming the entire metal pack. It has recovered from 81.65 to 92.75 zones in last six sessions and now fresh short are again putting the pressure to drag it to lower levels. Traders can sell the stock on small bounce back move with stop loss of 89 for the downside target of 81 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
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