Trading ideas from Anand Rathi; buy NTPC, Tata Chemicals
Here are a few trading ideas from Chandan Taparia of Anand Rathi
 "Trading ideas from Anand Rathi; buy NTPC, Tata Chemicals")
LIC HOUSING FINANCE: BUY
STOP LOSS: Rs 445
TARGET: Rs 475
The stock crossed and closed above its 50 DMA and snapped the losses of last six trading sessions. It negated the negative pattern of making lower top- lower bottom formation after taking multiple support around Rs 440-442 zones and also gave the highest daily close of last eleven trading sessions.
STOP LOSS: Rs 445
TARGET: Rs 475
The stock crossed and closed above its 50 DMA and snapped the losses of last six trading sessions. It negated the negative pattern of making lower top- lower bottom formation after taking multiple support around Rs 440-442 zones and also gave the highest daily close of last eleven trading sessions.
NTPC: BUY
STOP LOSS: Rs 137
TARGET: Rs 146
The stock crossed its immediate falling supply trend line and is set to start fresh rally after a minor profit taking witnessed in previous week. It rallied well by 19 points from Rs 125 to Rs 144 and recent fall in previous two weeks is considered as profit booking decline. It has taken support around 50% Fibonacci retracement level of the recent up move and an extended move of this positive price pattern towards 146 and higher levels may be seen.
STOP LOSS: Rs 137
TARGET: Rs 146
The stock crossed its immediate falling supply trend line and is set to start fresh rally after a minor profit taking witnessed in previous week. It rallied well by 19 points from Rs 125 to Rs 144 and recent fall in previous two weeks is considered as profit booking decline. It has taken support around 50% Fibonacci retracement level of the recent up move and an extended move of this positive price pattern towards 146 and higher levels may be seen.
TATA CHEMICALS: BUY
STOP LOSS: Rs 335
TARGET: Rs 420
The stock has taken multiple supports and is gradually rising after witnessing buying interest at the lower levels. The support base is shifting in the stock to higher levels as earlier it was taking support around Rs 341 then Rs 359 and now Rs 395 zones. At the current price juncture it is well placed to start a fresh rally and head towards Rs 420 and higher levels.
STOP LOSS: Rs 335
TARGET: Rs 420
The stock has taken multiple supports and is gradually rising after witnessing buying interest at the lower levels. The support base is shifting in the stock to higher levels as earlier it was taking support around Rs 341 then Rs 359 and now Rs 395 zones. At the current price juncture it is well placed to start a fresh rally and head towards Rs 420 and higher levels.
CEAT: SELL
STOP LOSS: Rs 1,080
TARGET: Rs 1,017
The stock has been witnessing selling pressure from last four weeks and making lower top – lower bottom formation. It broke its support of Rs 1,040 levels and gave the lowest daily close of last forty one trading sessions. It has been witnessing liquidation of long position from last six trading sessions. We have fundamentally contrary view on the stock but suggesting a trade for immediate profit booking decline towards Rs 1,017 levels.
STOP LOSS: Rs 1,080
TARGET: Rs 1,017
The stock has been witnessing selling pressure from last four weeks and making lower top – lower bottom formation. It broke its support of Rs 1,040 levels and gave the lowest daily close of last forty one trading sessions. It has been witnessing liquidation of long position from last six trading sessions. We have fundamentally contrary view on the stock but suggesting a trade for immediate profit booking decline towards Rs 1,017 levels.
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