 "Top trading ideas from Chandan Taparia of Anand Rathi")
BUY HINDUSTAN UNILEVER
STOP LOSS: Rs 794
TARGET: Rs 842
The stock has taken multiple support near its lower band of the trading range and made a reversal on its immediate weak structure in the last week. It has managed to cross above its immediate hurdle of 820 zones and reclaimed to its 50 DMA. It is also making an attractive price pattern and may continue its positive price behavior because of its defensive nature. Thus recommending buying the stock with the stop loss of Rs 794 for the upside target of Rs 842 levels.
STOP LOSS: Rs 845
SELL JINDAL STEEL
STOP LOSS: Rs 60.50
TARGET: Rs 54
The stock is continuously falling down and hit the fresh multi yearly low levels. It has been making lower top – lower bottom and every small bounce back is being sold in the counter. It has added fresh built up of short position and sustains call writing at all higher strike also indicates its weak price structure. Thus, recommending selling the stock on bounce back move with the stop loss of Rs 60.50 for the downside target of Rs 54 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rath
STOP LOSS: Rs 794
TARGET: Rs 842
The stock has taken multiple support near its lower band of the trading range and made a reversal on its immediate weak structure in the last week. It has managed to cross above its immediate hurdle of 820 zones and reclaimed to its 50 DMA. It is also making an attractive price pattern and may continue its positive price behavior because of its defensive nature. Thus recommending buying the stock with the stop loss of Rs 794 for the upside target of Rs 842 levels.
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BUY WELSPUN INDIA
STOP LOSS: Rs 845
TARGET: Rs 920
The stock is comfortably holding above its immediate support of 820 zones from last seven trading sessions and support is continuously shifting to higher levels. It respected to its 50 DMA and moving upwards even after the weakness in broader market. It is quite strong and set to head towards new life time high territory in next coming sessions. So recommending buying the stock with the stop loss of Rs 845 for the upside target of Rs 920 levels.
SELL BHEL
STOP LOSS: Rs 133.50
TARGET: Rs 123.50
It is trading in strong bear grip and not showing any sign of reversal even after going into its deep oversold territory. Recently it failed to cross its immediate hurdle of 150-151 zones and broken support of 134 levels. It has been adding fresh shorts at every meaning full levels and weakness may continue in the stock till broader market doesn’t get any stability in next coming sessions. One can sell the stock with stop loss of Rs 133.50 for the downside target of Rs 123.50 levels.
The stock is comfortably holding above its immediate support of 820 zones from last seven trading sessions and support is continuously shifting to higher levels. It respected to its 50 DMA and moving upwards even after the weakness in broader market. It is quite strong and set to head towards new life time high territory in next coming sessions. So recommending buying the stock with the stop loss of Rs 845 for the upside target of Rs 920 levels.
SELL BHEL
STOP LOSS: Rs 133.50
TARGET: Rs 123.50
It is trading in strong bear grip and not showing any sign of reversal even after going into its deep oversold territory. Recently it failed to cross its immediate hurdle of 150-151 zones and broken support of 134 levels. It has been adding fresh shorts at every meaning full levels and weakness may continue in the stock till broader market doesn’t get any stability in next coming sessions. One can sell the stock with stop loss of Rs 133.50 for the downside target of Rs 123.50 levels.
SELL JINDAL STEEL
STOP LOSS: Rs 60.50
TARGET: Rs 54
The stock is continuously falling down and hit the fresh multi yearly low levels. It has been making lower top – lower bottom and every small bounce back is being sold in the counter. It has added fresh built up of short position and sustains call writing at all higher strike also indicates its weak price structure. Thus, recommending selling the stock on bounce back move with the stop loss of Rs 60.50 for the downside target of Rs 54 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rath
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