Top trading ideas from Chandan Taparia of Anand Rathi

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

TCS: BUY
STOP LOSS: Rs 2188
TARGET: Rs 2323

The stock negated the negative pattern of making lower highs –lower lows and witnessed a pause in the selling pressure after the fall of last three weeks. It managed to hold the gains even after selling pressure in the broader market. So, one can buy the stock with stop loss of Rs 2188 for the upside target of Rs 2323 levels.
 

ITC: BUY
STOP LOSS: Rs 302
TARGET: Rs 322

It has been holding the support base eight trading sessions and consolidated at its multiple support of 307-310 levels. It crossed its 13 DMA with rise in volumes and looks attractive in terms of risk reward ratio. Thus showing the potential to move towards 322 and higher levels. One can buy the stock with the stop loss of Rs  302 for the upside target of Rs 322 levels.

 

VEDANTA: SELL
STOP LOSS: Rs 73.50
TARGET: Rs 66

It is continuously is in bear grip and not giving any meaningful sign of recovering. It broke its support of 70 levels and hit its fresh six yearly low levels. It has been making lower top – lower bottom formation on daily, weekly and monthly chart and fresh Call writing at 80 and 75 strikes also support our negative view on the counter. One can sell the stock with stop loss of Rs  73.50 for the downside target of Rs  66 levels.
 
CIPLA : SELL
STOP LOSS: Rs 614

TARGET: Rs 578

The stock failed to hold the support of 600 levels and has broken its August series low levels. It has been making lower high – lower low from last three weeks.  It has set an perfect example of support becoming resistance. In this series it witnessed built up of short position with an open interest addition of around 7.50%. One can sell the stock with stop loss of Rs  614 for the downside target of Rs 578 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