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Here are a few stock recommendations from Chandan Taparia of Anand Rathi Retail Research:
EROSMEDIA : BUY
TARGET: Rs 513
STOP LOSS: Rs 455
The stock has recently taken multiple support at around 425-430 zones after the correction of last 6 weeks from 644 to 425 levels. It has been trading in a narrow range from last four trading sessions and also respecting to its 200 DMA. It is turning from the lower levels thus looks good in terms of risk reward ratio. One can buy the stock with the stop loss of 455 for the upside target of 513 levels.
SHRIRAM TRANSPORT FINANCE : BUY
TARGET: Rs 855
STOP LOSS: Rs 785
The stock is moving after the recent correction from 960 to 790 levels and is taking multiple support near to 790-810 zones. It is holding the gains and taking the support even after sharp decline in the broader market. Earlier also it has given a 8-10% move from the same support zone so we are recommending to buy the stock with the stop loss of 785 for the upside target of 855 levels.
CANARA BANK : SELL
TARGET: Rs 262
STOP LOSS: Rs 282
It failed to cross the hurdle of 300 zones and broken its support of 275 levels. It has formed a weak structure with built up of short position and sustained selling pressure is witnessed at every small bounce back. Thus recommending to sell the stock with the stop loss of 282 for the downside target of 262 levels.
HINDALCO : SELL
TARGET: Rs 72
STOP LOSS: Rs 80
The stock is continuously trading in weakness from last fourteen series and witnessing selling pressure at every minor attempt to bounce back. It is trading at 52 weeks low levels and has been making lower top – lower bottom formation. It has added short positions with shorts rollover from last series to current series and holding below 75 may continue the distress selling towards 72 and 70 zones. One can sell the stock with stop loss of 80 for the downside target of 72 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
