Buy and sell ideas from Anand Rathi for Friday's session

Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today

BUY INDRAPRASTH GAS: The stock held onto the support around its 50 DMA and is holding onto the gains near its lifetime high territory. It surpassed the immediate falling trend line and witnessed buying even after the profit taking seen in the broader market. Thus recommending buying the stock with the stop loss of Rs 805 for the upside immediate target of Rs 856.

BUY TORRENT POWER: The stock held on to the gains with strength even though broader market witnessed selling pressure. Recently, it made double bottom price pattern on daily chart, which has bullish implication. It is showing the sign of bottoming out at the multiple support levels, thus it looks attractive in terms of risk reward ratio. So, I recommend buying the stock with the stop loss of  Rs 165 for the upside immediate target of Rs 177.

 

SELL COAL INDIA: The stock is making lower top – lower bottom formation from last two weeks and witnessed short rollover with huge open interest to December series. It failed to surpass the hurdle of Rs 340 and also fell below the support of Rs 300, thus supporting our negative view in the stock. So, one can sell the stock with the stop loss of Rs 314 for the downside immediate target of Rs 294.

SELL BHEL:  The stock witnessed selling in line with the broader market and all seen built up of short position with short rollover to next series, thus supporting our negative view in the counter. It has broken all the support levels as it earlier broke its Rs 136, then Rs 131 and in previous session it fell below its Rs 125. I expect the same to continue towards Rs 122.50 and lower levels.  So, one can sell the stock with the stop loss of Rs 131 for the downside immediate target of Rs 122.50.

Disclaimer: We are suggesting these stocks to our clients but not personal holdings

Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi