 "Trading ideas from Chandan Taparia of Anand Rathi")
SUN PHARMA: BUY
STOP LOSS: Rs 828
TARGET: Rs 885
It has made multiple supports and now supports are shifting to higher levels from Rs 700 to Rs 725, Rs 732, Rs 785 and now near to Rs 820 zones. It has crossed and closed above its 200 DMA and is showing the potential to move higher as it snapped the losses made in November month.
STOP LOSS: Rs 828
TARGET: Rs 885
It has made multiple supports and now supports are shifting to higher levels from Rs 700 to Rs 725, Rs 732, Rs 785 and now near to Rs 820 zones. It has crossed and closed above its 200 DMA and is showing the potential to move higher as it snapped the losses made in November month.
HERO MOTOCORP: BUY
STOP LOSS: Rs 2,495
TARGET: Rs 2,655
The stock crossed the previous hurdle of Rs 2,485 levels and snapped the losses made on first three sessions of February month. It crossed and closed above its 50 DMA and is moving upwards with shift in support base.
STOP LOSS: Rs 2,495
TARGET: Rs 2,655
The stock crossed the previous hurdle of Rs 2,485 levels and snapped the losses made on first three sessions of February month. It crossed and closed above its 50 DMA and is moving upwards with shift in support base.
The stock has taken support at Rs 230-235 zones and is holding the base from last three weeks after the recent fall witnessed in January series. It is witnessing built up of long position in the February series with an open interest addition of around 10% and is turning from the lower levels.
TCS: SELL
STOP LOSS: Rs 2,520
TARGET: Rs 2,360
The stock has rallied well in previous three weeks and now may find a pause in the rally at the previous hurdle from where it witnessed a correction of around Rs 225 points. Lack of follow buying may keep the upside capped and support our view in the counter. Thus a profit booking decline towards 2360 and lower levels cannot be ruled out.
STOP LOSS: Rs 2,520
TARGET: Rs 2,360
The stock has rallied well in previous three weeks and now may find a pause in the rally at the previous hurdle from where it witnessed a correction of around Rs 225 points. Lack of follow buying may keep the upside capped and support our view in the counter. Thus a profit booking decline towards 2360 and lower levels cannot be ruled out.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
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