 "Top trading ideas from Chandan Taparia of Anand Rathi")
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY ASIAN PAINTS: The stock surpassed the hurdle of Rs 1040 levels and gave a breakout on daily and weekly charts. It has been making higher highs from last three sessions and higher highs – higher lows from last five weeks. It formed a Marubozu candle on daily chart at its lifetime high levels which has bullish implications. Thus one can buy the stock with the stop loss of Rs 1032 for the upside immediate target of Rs 1100 levels.
BUY MOTHERSON SUMI: The stock has been making higher highs – higher lows from last five trading sessions and is now at its eleven months high levels. It gave the highest daily close since 21st August 2015 and according to the price placement of the stock it is well placed to head towards Rs 327 and higher levels. It has been making higher top higher bottom formation from last five months. So, one can buy the stock with the stop loss of Rs 307 for the upside immediate target of Rs 327 levels.
BUY HCL TECHNOLOGIES: The stock surpassed its resistance of Rs 740 zones after the struggle of last eleven trading sessions. The positive price action was led by short covering followed by built up of long position. It has formed a bullish price structure and according to its current placement an up move towards Rs 762 and higher levels cannot be ruled out. It is giving an early sign of bottoming out and has also given the highest daily close of last thirteen trading sessions. Thus recommending buying the stock with the stop loss of Rs 712 for the upside immediate target of Rs 762 levels.
SELL GAIL: The stock failed to surpass the multiple hurdles of Rs 400-402 levels even after strong move seen in the broader market. It has been hovering near its resistance levels from last couple of trading sessions and witnessing built up of short as well as liquidation of longs. So, one can sell the stock with the stop loss Rs 410 for the downside immediate target of Rs 384 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
BUY ASIAN PAINTS: The stock surpassed the hurdle of Rs 1040 levels and gave a breakout on daily and weekly charts. It has been making higher highs from last three sessions and higher highs – higher lows from last five weeks. It formed a Marubozu candle on daily chart at its lifetime high levels which has bullish implications. Thus one can buy the stock with the stop loss of Rs 1032 for the upside immediate target of Rs 1100 levels.
BUY MOTHERSON SUMI: The stock has been making higher highs – higher lows from last five trading sessions and is now at its eleven months high levels. It gave the highest daily close since 21st August 2015 and according to the price placement of the stock it is well placed to head towards Rs 327 and higher levels. It has been making higher top higher bottom formation from last five months. So, one can buy the stock with the stop loss of Rs 307 for the upside immediate target of Rs 327 levels.
BUY HCL TECHNOLOGIES: The stock surpassed its resistance of Rs 740 zones after the struggle of last eleven trading sessions. The positive price action was led by short covering followed by built up of long position. It has formed a bullish price structure and according to its current placement an up move towards Rs 762 and higher levels cannot be ruled out. It is giving an early sign of bottoming out and has also given the highest daily close of last thirteen trading sessions. Thus recommending buying the stock with the stop loss of Rs 712 for the upside immediate target of Rs 762 levels.
SELL GAIL: The stock failed to surpass the multiple hurdles of Rs 400-402 levels even after strong move seen in the broader market. It has been hovering near its resistance levels from last couple of trading sessions and witnessing built up of short as well as liquidation of longs. So, one can sell the stock with the stop loss Rs 410 for the downside immediate target of Rs 384 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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