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Here are a few trading ideas from Chandan Taparia of Anand Rathi for today:
CENTURY TEXTILES: BUY
Target: Rs 675
Stop Loss: Rs 632
The stock gave a consolidation breakout from its range of Rs 580 to Rs 645 levels of last nine weeks and also registered highest daily close since 24th August, 2015. It surpassed its hurdle of Rs 645 levels with sustained buying in last couple of trading sessions. It is also forming an attractive price pattern on weekly chart which may add momentum to the counter. So recommending buying the stock with stop loss of Rs 632 for the upside target of Rs 675 levels.
AMBUJA CEMENTS: BUY
Target: Rs 246
Stop Loss: Rs 228
The stock crossed and closed above its multiple hurdles of Rs 237 levels which was earlier acting as strong resistance levels. It gave a consolidation breakout after holding on the gains from last 7-8 trading session and registered the highest daily close of last ten months. Thus one can buy the stock with the stop loss of Rs 228 for the upside immediate target of Rs 246 levels.
M&M FINANCIAL: BUY
Target: Rs 352
Stop Loss: Rs 329
The stock is trading near its 52 weeks high levels and gave the highest closing. It is witnessing built up of long position even at current levels, thus indicating that the bulls are intact in the counter and is showing the potential to head towards Rs 352 and higher levels. It has been continuously moving upwards from last four series and has formed an attractive price structure. One can buy the stock with stop loss of Rs 329 for the upside target of Rs 352 levels.
NMDC: SELL
Target: Rs 88
Stop Loss: 95.50
The stock is continuously falling down and has a tendency of witnessing selling pressure at the resistance levels. It has seen built up of short position with an open interest addition of around 35% in last 8-9 trading sessions and shorts are intact in the counter with short rollover from previous series to current series. One can sell the stock with stop loss of Rs 95.50 for the downside target of Rs 88 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
