Top trading ideas from Chandan Taparia of Anand Rathi

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


LIC HOUSING : BUY

The stock been making higher top – higher bottom formation and supports are gradually shifting on higher side. It has taken immediate support at Rs 495 - Rs 497 zones and heading towards its life time high territory. It has given a consolidation breakout and looks strong to start the next leg of rally. One can buy the stock with stop loss of Rs 495 for the upside target of Rs 524 levels.

 
ASIAN PAINTS : BUY

The stock has started to move after the long consolidation of last four weeks. It has given a highest daily close in last 21 trading sessions and formed a positive price structure. Overall medium term trend is positive and recent support would favor the stock for the fresh buying interest. One can buy the stock with stop loss of Rs 978 for the upside target of Rs 1030 levels.

 

JUST DIAL : SELL

The stock has been falling down and got in strong bear grip with huge built up of short positions. It has failed to cross immediate hurdle of Rs 625 zones and broken its immediate support of Rs 600 mark. It has also added fresh shorts by around 6-7% in last couple of trading sessions which supports to our negative sense on the stock. One can sell the stock with stop loss of Rs 617 for the downside target of Rs 575 levels.

 
CROMPTON GREAVES : SELL

The stock has formed a multiple tops and broken the support of Rs 71.50 levels. It has failed to move above Rs 76 - Rs 77 zones and started to turn lower. It has seen liquidation of long position and now fresh shorts are getting grip on the stock to drag it to lower zones. One can sell the stock with stop loss of Rs 75.50 for the downside target of Rs 69.50 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