Top trading ideas from Chandan Taparia of Anand Rathi

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

BUY GLENMARK PHARMA:
TARGET: Rs 1060
STOPLOSS: Rs 990

The stock recently turned from the oversold territory and crossed its 13 DMA. It is consolidating from last three weeks and holding the base after the correction seen in January month from 954 to 670 levels. It is showing signs of recovery and may bounce towards 765 and higher levels. It is turning from the lower levels thus looks attractive in terms of risk reward ratio. Traders can buy the stock with the stop loss of Rs 990 for the upside target of  Rs 1060 levels.
 

BUY ASIAN PAINTS:
TARGET: Rs 900

STOPLOSS: Rs 840

The stock has taken multiple support at around its 826 levels near its 200 DMA and is moving after the correction of last ten day. The major trend of the stock is intact to positive and has been continuously respecting to its 50 weekly moving average. It crossed its 50 Fibonacci retracement levels of recent fall seen in last two weeks. Traders can buy the stock with the stop loss of Rs 840 for the upside target of Rs 900 levels.
 
SELL INDIABULLS HOUSING FINANCE:
TARGET: Rs 550
STOPLOSS: Rs 584

The stock failed to hold the support of 570 levels and is continuously making lower top – lower bottom price formation from five weeks. It is continuously witnessing selling pressure at every minor attempt to bounce back and failed to recover with recovery in the broader market. It has seen fresh built up of short position in this entire series with huge open interest addition of around 30%. It has been finding hurdle at every resistance levels and short term trend of the stock has turned to negative.  One can sell the stock with stop loss of Rs 584 for the downside target of Rs 550 levels.

 
SELL UNION BANK:
TARGET: Rs 109.50
STOPLOSS: Rs 117

The stock has been falling from last five series and it witnesses selling pressure at every resistance levels. It failed to cross immediate hurdle of 123.50 zones and broke the support of 112 levels indicating further weakness in the counter. It has been continuously making lower top – lower bottom formation and further weakness may drag the stock towards 109.50 and lower levels. It has added short positions and holding below 114 may continue the distress selling towards 109.50 and lower zones. One can sell the stock on bounce back move with stop loss of Rs 117 for the downside target of Rs 109.50 levels.

 
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.

Chandan Taparia is a head technical analyst with Anand Rathi