 "Trading ideas from Chandan Taparia of Anand Rathi")
SIEMENS: BUY
Stop Loss: Rs 999
Target: Rs 1,065
The stock has been consolidating from last three weeks and holding the support base even after the volatile swing in the broader market. It started to move after a long consolidation of last five weeks and showing the potential to move higher. In last five weeks it has taken multiple support at Rs 970 zones and moving after a correction of last three month, thus also looks attractive in terms of risk reward ratio.
Stop Loss: Rs 999
Target: Rs 1,065
The stock has been consolidating from last three weeks and holding the support base even after the volatile swing in the broader market. It started to move after a long consolidation of last five weeks and showing the potential to move higher. In last five weeks it has taken multiple support at Rs 970 zones and moving after a correction of last three month, thus also looks attractive in terms of risk reward ratio.
POWER GRID: BUY
Stop Loss; Rs 135
Target; Rs 144
The stock has been consolidating in a range and holding the gains above immediate support of Rs 140 zones at its 50 DMA even after the volatility swing in the broader market. It gave the highest daily close of last six trading sessions and moved above its 38.2% Fibonacci retracement levels of the recent fall witnessed in previous two weeks.
Stop Loss; Rs 135
Target; Rs 144
The stock has been consolidating in a range and holding the gains above immediate support of Rs 140 zones at its 50 DMA even after the volatility swing in the broader market. It gave the highest daily close of last six trading sessions and moved above its 38.2% Fibonacci retracement levels of the recent fall witnessed in previous two weeks.
HCL TECH: BUY
Stop Loss: Rs 823
Target: Rs 875
It had taken support near to Rs 786 zones and edged higher above its 50 DMA after the struggle of last eight trading sessions. Most of the IT stocks started to perform and it is amongst strongest counter in the entire space. It has seen fresh built up of long position with an open interest addition of around 10% in last three trading sessions and momentum may extend this recent swing to higher levels.
Stop Loss: Rs 823
Target: Rs 875
It had taken support near to Rs 786 zones and edged higher above its 50 DMA after the struggle of last eight trading sessions. Most of the IT stocks started to perform and it is amongst strongest counter in the entire space. It has seen fresh built up of long position with an open interest addition of around 10% in last three trading sessions and momentum may extend this recent swing to higher levels.
BPCL: SELL
Stop Loss; Rs 800
Target; Rs 750
The stock failed to cross the immediate hurdle of Rs 800 levels and is continuously making lower top – lower bottom price formation from five weeks. witnesses selling pressure at every minor attempt to bounce back. It has seen fresh built up of short position in this entire series with huge open interest addition of around 45%. It has been finding hurdle at every resistance levels and short trend of the stock has turned to negative.
Stop Loss; Rs 800
Target; Rs 750
The stock failed to cross the immediate hurdle of Rs 800 levels and is continuously making lower top – lower bottom price formation from five weeks. witnesses selling pressure at every minor attempt to bounce back. It has seen fresh built up of short position in this entire series with huge open interest addition of around 45%. It has been finding hurdle at every resistance levels and short trend of the stock has turned to negative.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is technical analyst with Anand Rathi.
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