Top trading ideas from Chandan Taparia of Anand Rathi

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


BUY VOLTAS: The stock gave a price volume breakout and headed towards Rs 385 levels and registered new lifetime high.  It has been making higher top – higher bottom formation from last seven weeks. It gave the highest daily close and is well placed to continue its up move in the unchartered territory towards Rs 394 and higher levels. So, one can buy the stock with the stop loss of Rs 368 levels for the upside target of 394 levels.

 

BUY BANK OF BARODA: The stock is making higher highs – higher lows from last four trading sessions. It crossed and closed above its 50 DMA and gave the highest daily of last twenty three trading sessions. It is showing strength and witnessing buying along with is other banking peers. Thus one can buy the stock with the stop loss of Rs 154 levels for the upside target of Rs 166 levels.

 
BUY ARVIND: The stock formed a positive price structure and surpassed its hurdle of Rs 315 levels. It gave the highest daily close of last twenty two trading sessions. The up move in the stock was supported by short covering activities followed by built up of long position. Thus one can buy the stock with the stop loss of Rs 305 levels for the upside target of Rs 325 levels.
 

SELL TCS: The stock has been falling down from last four consecutive days and gave the lowest daily close of last fifteen trading sessions. It has a tendency of witnessing profit booking near to Rs 2700-2750 zones and fresh Call writing activities are also supporting our view in the stock. It has added fresh short position which may cause a decline before starting the next upswing of the stock. One can sell the stock on a small bounce back move with strict stop loss of Rs 2705 for the downside target of Rs 2550 levels.

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

Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi