 "Trading ideas from Anand Rathi; buy Havells India, Ashok Leyland")
ASHOK LEYLAND: BUY
STOP LOSS: Rs 99
TARGET: Rs 108
The stock has taken multiple supports around its 100 zones at its 50 DMA on daily and weekly chart. The overall trend of the stock is intact to positive and has been respecting to its 35 weekly moving average on closing basis from last two years. Thus a positive move towards 108 and higher levels cannot be ruled out.
STOP LOSS: Rs 99
TARGET: Rs 108
The stock has taken multiple supports around its 100 zones at its 50 DMA on daily and weekly chart. The overall trend of the stock is intact to positive and has been respecting to its 35 weekly moving average on closing basis from last two years. Thus a positive move towards 108 and higher levels cannot be ruled out.
HAVELLS INDIA: BUY
STOP LOSS: Rs 327
TARGET: Rs 353
The stock has been making higher highs - higher lows from last two sessions even after profit booking decline witnessed in broader market. It crossed its immediate falling supply trend line and started to move after a minor profit taking from 354 to 327 levels witnessed in previous week. Now it has formed a support base around 325-327 zones and is just 13 points away from its lifetime high levels.
STOP LOSS: Rs 327
TARGET: Rs 353
The stock has been making higher highs - higher lows from last two sessions even after profit booking decline witnessed in broader market. It crossed its immediate falling supply trend line and started to move after a minor profit taking from 354 to 327 levels witnessed in previous week. Now it has formed a support base around 325-327 zones and is just 13 points away from its lifetime high levels.
PETRONET LNG: BUY
STOP LOSS: Rs 269
TARGET: Rs 286
The stock has been making higher top - higher bottom formation from last four weeks even after profit booking decline witnessed in broader market. It witnessed built up of long position with an open interest addition of around 3.50% in last three sessions even at lifetime high levels indicating a further up move in the new higher territory. One can buy the stock with the stop loss of 269 for the upside target of 286 levels
STOP LOSS: Rs 269
TARGET: Rs 286
The stock has been making higher top - higher bottom formation from last four weeks even after profit booking decline witnessed in broader market. It witnessed built up of long position with an open interest addition of around 3.50% in last three sessions even at lifetime high levels indicating a further up move in the new higher territory. One can buy the stock with the stop loss of 269 for the upside target of 286 levels
ONGC: SELL
STOP LOSS: Rs 218
TARGET: Rs 203
The stock failed to continue the recent bounce back move of last three weeks and started to decline. Bulls failed to sustain the counter above its 220 levels and witnessed selling pressure at the resistance levels. It has been making lower top –lower bottom formation 20 series and has a tendency of witnessing selling at every minor attempt to bounce. Thus the overall trend of the stock is intact to negative.
STOP LOSS: Rs 218
TARGET: Rs 203
The stock failed to continue the recent bounce back move of last three weeks and started to decline. Bulls failed to sustain the counter above its 220 levels and witnessed selling pressure at the resistance levels. It has been making lower top –lower bottom formation 20 series and has a tendency of witnessing selling at every minor attempt to bounce. Thus the overall trend of the stock is intact to negative.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
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