Trading calls from Anand Rathi; Buy IDBI Bank, Voltas, UPL

Here are a few trading ideas from Chandan Taparia of Anand Rathi

IDBI BANK : BUY

Target: Rs 88

Stop Loss: Rs 78

It had taken support near to Rs 75 zones in the last week and completed a bullish flag on daily chart by crossing immediate hurdle of Rs 83 zones. It has been moving upwards from last three trading sessions with rising volume activities. It gave the highest daily close of last six months. The stock is in bull grip and as per the recent price behavior it is well placed to move towards Rs 88 and 90 levels. Thus recommending the traders to buy the stock with the stop loss Rs 78 for the upside immediate target of Rs 88 levels.

 

VOLTAS : BUY

Target: Rs 297

Stop Loss: Rs 271


It has formed multiple bottoms near Rs 245-250 zones and now the support has shifted to 265 and even higher zones. It is set to start an up move after the long consolidation of last 6-7 weeks as it has managed to hold its 50 DMA. Earlier it corrected from Rs 359 to 243 zones and now moving upwards after an accumulation so looks strong even in terms of risk reward ratio. Thus recommending the traders to buy the stock with the stop loss of Rs 271 for the upside immediate target of Rs 297 levels.

 

UPL : BUY

Target: Rs 500

Stop Loss: Rs 468

It had negated the negative formation of making lower top - lower bottom formation in the previous week and now follow up buying also confirms the trend reversal for the next leg of rally. It is slowly moving upwards from the last couple of trading sessions with built up of long position.  Thus recommending the traders to buy the stock with the stop loss at Rs 468 for the upside immediate target of Rs 500 levels.

 

JSW STEEL : SELL

Target: Rs 860

Stop Loss: Rs 925

It is continuously finding hurdle at 935-940 levels and has been underperforming the broader metal sector. The overall trend of the counter is intact to negative and has been witnessing selling pressure at every minor attempt to bounce back. Thus, recommending selling the stock with the stop loss of Rs 925 for the downside target of Rs 860 levels.

Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.

Chandan Taparia is a technical analyst with Anand Rathi Retail Research