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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today
BUY BHARAT FORGE : It has taken multiple support near to Rs 827 zones and now holding the support with buying interest. It has managed to recover its sharp decline made on last Wednesday and holding well even after the weakness in the broader market which is indicating at its inherit strength. It is trading above short term moving average and supports are shifting to Rs 844 and Rs 857 zones. One can buy the stock on a small decline with the stop loss of Rs 857 for the upside target of Rs 913 levels.
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SELL EXIDE : It has broken immediate support of Rs 177- Rs 175 zones and witnessing built up of short followed by liquidation of long position. It has been falling down from last three weeks and also broken important support trend line. It is showing extension of weak structure so one can sell the stock with the stop loss of Rs 180.50 for the downside target of Rs 170 levels.
SELL BATA INDIA : The stock is making lower top – lower bottom formation from last three weeks and is finding selling pressure at every attempt to bounce back. It gave the lowest daily close of last three years. It broke its support of Rs 450 levels and is witnessing built up of short position with open interest addition of around 5-6% in last couple of sessions. One can sell the stock on a small bounce back move with strict stop loss of Rs 438 for the downside target of Rs 410 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
