Top trading ideas from Chandan Taparia of Anand Rathi

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Here are a few trading strategies by Chandan Taparia of Anand Rathi for trade today:


BUY L&T FINANCE HOLDINGS: The stock has given a breakout on daily, weekly and monthly charts and is trading at its 52 weeks high levels. Recently, it surpassed its multiple hurdle of Rs 80-82 levels on Wednesday and gave the highest daily close. It has formed an attractive price pattern and showing the potential to head towards Rs 92 and 100 levels. Thus recommending to buy the stock with the stop loss of Rs 82 for the upside immediate target of Rs 92 levels.
 

BUY TATA GLOBAL: The stock surpassed its falling trend line and also gave consolidation breakout of last 18 trading sessions. Recently, it had formed pole and flag pattern on daily chart and is well placed to start next leg of rally. It has taken support at all its moving averages which is supporting our bullish view on the stock. Thus recommending to buy the stock with the stop loss of Rs 134 for the upside immediate target of Rs 143 levels.

 
BUY HAVELLS INDIA: The stock has been making higher top –higher bottom formation and has been holding the gains above its Rs 370 zones from last five trading sessions. It is hovering near its lifetime high territory and small follow up action may start the fresh up move in the counter. Over all the longs are intact and has seen the better rollover activity which suggest the continuation of positive momentum in the stock. One can buy the stock with the stop loss of Rs 369 for the upside immediate target of Rs 394 levels.

 
SELL IDBI BANK: The stock recently failed to cross multiple hurdle of Rs 76-77 zones and started to decline by breaking its immediate support of Rs 72 zones. It has been falling from last four trading sessions even after the positive move in the broader market. It has seen fresh call writing and liquidation of long position is also indicating profit taking in next coming sessions. So, one can sell the stock with the stop loss Rs 75 for the downside target of Rs 67 levels.

Disclaimer: We are suggesting these stocks to our clients but not personal holdings

Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi