 "Trading strategy")
KALYANI STEELS : BUY
Target: Rs 155
Stop Loss: Rs 139
The stock has crossed and closed near to its crucial hurdle of Rs 148 zones. It has also registered a highest daily close in last 56 trading sessions and respecting to its rising support trend line. It has made an attractive price pattern and looks strong for next move towards Rs 155 and 165 levels. One can buy the stock with stop loss of Rs 139 for the upside immediate target of Rs 155 levels.
STRIDES ARCOLAB : BUY
Target: Rs 1,440
Stop Loss: Rs 1,325
The stock has crossed its previous hurdle of 1374 and made a fresh life time high of Rs 1397.50 levels. It has been moving upwards from last three sessions and gave a highest daily closing. It looks strong and momentum may continue for next coming sessions as per the volume – price breakout on daily chart. Traders can buy the stock with stop loss of Rs 1325 for the upside target of Rs 1440 levels.
MAHINDRA & MAHINDRA : BUY
Target: Rs 1,333
Stop Loss: Rs 1,247
It has managed to cross and close near to psychological barrier of Rs 1300 zones with fresh built up of long position. It has been moving upwards from last three weeks and holding above Rs 1300 would start a fresh leg of rally in the counter. It is comparatively strong and outperformer counter so downside also seems to be limited. Traders can buy the stock with stop loss Rs 1247 for the upside target of Rs 1333 levels.
TATA POWER : SELL
Target: Rs 64.50
Stop Loss: Rs 71.50
It has a dull price behavior and finding sustained selling near to Rs 70-72 zones from last four weeks. It witnessed a recovery from Rs 56 to 72 levels in previous two series and now pause in momentum indicates an early sign of end of the positive trend. It is continuously adding built up of short position as open interest added by 11% with fall in price in last few sessions. One can sell the stock with stop loss of Rs 71.50 for the downside target of Rs 64.50 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
