Here are a few trading ideas from Chandan Taparia of Anand Rathi:
AUROPHARMA: BUY
Target: Rs 825
The stock gave a price volume breakout and recaptured its 800 territory after the struggle of last fifty nine trading sessions. It moved above its 200 day simple average and also gave the highest daily close of last sixty trading sessions. It has been respecting its 13 weekly moving average from last three weeks and now an up move towards 825 and higher levels cannot be ruled out. Thus we are recommending buying the stock with the stop loss of Rs 775 for the upside target of Rs 825 levels.
PETRONET: BUY
Target: Rs 280
Stop Loss: Rs 262
The stock has been making higher highs higher lows from last three sessions even after profit booking decline witnessed in broader market. It took support at its 13 DMA and not only registered lifetime high but also gave second highest daily close. It has formed a bullish pattern and at the current price juncture it is well placed to continue it’s up move and head towards Rs 283 in the unchartered territory. One can buy the stock with the stop loss of Rs 262 for the upside target of Rs 280 levels.
BANKINDIA: SELL
Target: Rs 84
Stop Loss: Rs 92
The stock has been making lower highs lower lows from last three sessions and has broke its support of Rs 89 zones and formed a negative price pattern. It witnessed built up of short position with an open interest addition of around 25% in first three sessions of the May series. Overall the trend is negative and has been witnessing selling pressure at every resistance levels. Thus we are recommending selling the stock with the stop loss of Rs 92 for the downside target of Rs 84 levels.
AMBUJACEM: SELL
Target: Rs 214
Stop Loss: Rs 227
The stock has been making lower top - lower bottom formation from last five weeks and gave lowest daily close of last twenty seven trading sessions. It has witnessed built up of short position and has added open interest by around 15% in the first three sessions of the series. Now if it continue to remain below Rs 224 levels then selling pressure may drag the stock towards Rs 214 and lower levels. Thus, one can sell the stock with the stop loss of Rs 227 for the downside target of Rs 214 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
AUROPHARMA: BUY
Target: Rs 825
Also Read
Stop Loss: Rs 775
The stock gave a price volume breakout and recaptured its 800 territory after the struggle of last fifty nine trading sessions. It moved above its 200 day simple average and also gave the highest daily close of last sixty trading sessions. It has been respecting its 13 weekly moving average from last three weeks and now an up move towards 825 and higher levels cannot be ruled out. Thus we are recommending buying the stock with the stop loss of Rs 775 for the upside target of Rs 825 levels.
PETRONET: BUY
Target: Rs 280
Stop Loss: Rs 262
The stock has been making higher highs higher lows from last three sessions even after profit booking decline witnessed in broader market. It took support at its 13 DMA and not only registered lifetime high but also gave second highest daily close. It has formed a bullish pattern and at the current price juncture it is well placed to continue it’s up move and head towards Rs 283 in the unchartered territory. One can buy the stock with the stop loss of Rs 262 for the upside target of Rs 280 levels.
BANKINDIA: SELL
Target: Rs 84
Stop Loss: Rs 92
The stock has been making lower highs lower lows from last three sessions and has broke its support of Rs 89 zones and formed a negative price pattern. It witnessed built up of short position with an open interest addition of around 25% in first three sessions of the May series. Overall the trend is negative and has been witnessing selling pressure at every resistance levels. Thus we are recommending selling the stock with the stop loss of Rs 92 for the downside target of Rs 84 levels.
AMBUJACEM: SELL
Target: Rs 214
Stop Loss: Rs 227
The stock has been making lower top - lower bottom formation from last five weeks and gave lowest daily close of last twenty seven trading sessions. It has witnessed built up of short position and has added open interest by around 15% in the first three sessions of the series. Now if it continue to remain below Rs 224 levels then selling pressure may drag the stock towards Rs 214 and lower levels. Thus, one can sell the stock with the stop loss of Rs 227 for the downside target of Rs 214 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
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