Here a few trading calls from Chandan Taparia of Anand Rathi for trade today:
WELSPUN INDIA: BUY
Target: Rs 108
The stock took support near its previous low of Rs 98.60 levels and ended the session above its 50 DMA. It’s supports are continuously shifting on the higher side and the medium term trend of the stock is also intact to positive. So one can buy the stock with the stop loss of Rs 97.50 for the upside immediate target of Rs 108 levels.
HAVELLS INDIA : BUY
Target: Rs 372
Stop Loss: Rs 345
The stock opened negative with weak global cues but held onto the support near its 50 DMA and pared its early morning losses. It took multiple supports and ended the session near the intraday high levels indicating inherent strength in the counter. It has been consolidating in a range near its lifetime high territory and now follow up buying may take it towards () levels. Thus recommending buying the stock with the stop loss of Rs 345 for the upside immediate target of Rs 372 levels.
AMBUJA CEMENTS: BUY
Target: Rs 255
Stop Loss: Rs 239
The stock managed to recover well from the lower levels with sustained buying interest and keeping its weekly trend positive. It opened negative on Friday’s session with weak global cues but managed to hold on the support and snapped most of the early morning losses. Overall it has been making higher top – higher bottom formation and gave the highest weekly closing of last forty eight weeks. So one can buy the stock with the stop loss of Rs 239 for the upside immediate target of Rs 255 levels.
TATA STEEL: SELL
Target: Rs 302
Stop Loss: Rs 325
The stock broke its support of Rs 311 levels and drifted towards Rs 295 levels. It gave the lowest daily close of last fifty one trading sessions and has formed a negative price structure. It witnessed built up of short position with an open interest addition of around 10% in previous session. One can sell the stock with the stop loss of Rs 325 for the downside immediate target of Rs 302 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
WELSPUN INDIA: BUY
Target: Rs 108
Also Read
Stop Loss: Rs 97.50
The stock took support near its previous low of Rs 98.60 levels and ended the session above its 50 DMA. It’s supports are continuously shifting on the higher side and the medium term trend of the stock is also intact to positive. So one can buy the stock with the stop loss of Rs 97.50 for the upside immediate target of Rs 108 levels.
HAVELLS INDIA : BUY
Target: Rs 372
Stop Loss: Rs 345
The stock opened negative with weak global cues but held onto the support near its 50 DMA and pared its early morning losses. It took multiple supports and ended the session near the intraday high levels indicating inherent strength in the counter. It has been consolidating in a range near its lifetime high territory and now follow up buying may take it towards () levels. Thus recommending buying the stock with the stop loss of Rs 345 for the upside immediate target of Rs 372 levels.
AMBUJA CEMENTS: BUY
Target: Rs 255
Stop Loss: Rs 239
The stock managed to recover well from the lower levels with sustained buying interest and keeping its weekly trend positive. It opened negative on Friday’s session with weak global cues but managed to hold on the support and snapped most of the early morning losses. Overall it has been making higher top – higher bottom formation and gave the highest weekly closing of last forty eight weeks. So one can buy the stock with the stop loss of Rs 239 for the upside immediate target of Rs 255 levels.
TATA STEEL: SELL
Target: Rs 302
Stop Loss: Rs 325
The stock broke its support of Rs 311 levels and drifted towards Rs 295 levels. It gave the lowest daily close of last fifty one trading sessions and has formed a negative price structure. It witnessed built up of short position with an open interest addition of around 10% in previous session. One can sell the stock with the stop loss of Rs 325 for the downside immediate target of Rs 302 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
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