Top trading ideas from Chandan Taparia of Anand Rathi

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

GATEWAY DISTRIPARKS: BUY
TARGET: Rs 356
STOP LOSS: Rs 326

The stock has been continuously holding the support base even after the volatile move in the market. It crossed the daily and weekly hurdle of 340 levels and holding the gains above its 200 DMA. It is showing strength with a classical price - volume breakout on daily and weekly chart. 

BPCL:  BUY
TARGET: Rs 952
STOP LOSS: Rs 896

The stock gave a breakout with significant rise in trading volumes on daily and weekly chart after the long consolidation. It surpassed immediate hurdle of Rs 920 zones and registered highest daily close of last twenty two weeks. It is trading above all the moving averages and is now showing the potential to move towards Rs 952 and higher levels. 

BHEL:  SELL
TARGET: Rs 132
STOP LOSS: Rs 141

It is continuously trading in bears grip and not giving any sign of recovery even after a drastic fall of last couple of weeks. It broke its support of Rs 145 levels and hit its fresh two yearly low levels. It has been making lower top – lower bottom formation on daily, weekly and monthly chart and fresh Call writing at  Rs 140 and Rs 145 strikes also supports our negative view on the counter. 
 

CAIRN INDIA: SELL 
TARGET: Rs 115
STOP LOSS: Rs 124

The stock has been making lower top – lower bottom formation with sustained selling pressure. It witnesses supply pressure at every minor attempt to bounce back. It broke its September series low of  Rs 120 levels and hit fresh 52 weeks low levels. In this series it witnessed significant built up of short position with an open interest addition of around 46% even at current 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