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Here are a few trading strategies by Chandan Taparia of Anand Rathi for trade today:
BUY PETRONET LNG: The stock is moving after the long consolidation of last five weeks. It surpassed its hurdle of Rs 302 levels and registered new lifetime high levels. It formed a bullish belt hold on daily chart and it is well placed to continue its positive price action towards Rs 320 and higher levels. Thus recommending buying the stock with the stop loss at Rs 300 for the upside target of Rs 320 levels.
BUY HAVELLS INDIA: The stock opened above its hurdle of Rs 390 levels on Monday and continued making higher highs – higher lows of last three trading sessions. It has recently taken multiple supports near its 50 DMA and moving after the consolidation of last ten weeks. Thus recommending buying the stock with the stop loss at Rs 388 for the upside immediate target of Rs 412 levels.
BUY TVS MOTOR: The stock is moving after taking multiple supports with short covering activities. It has been turning from lower levels of its recent trading range and is moving after the profit taking decline witnessed in previous week which has bullish implication. Thus recommending buying the stock with the stop loss at Rs 285 for the upside target of Rs 305 levels.
SELL PUNJAB NATIONAL BANK: The stock failed to surpass the multiple hurdles of Rs 128 levels in previous week and now turning lower with negative price structure below its support zones. It has witnessed liquidation of long position and now shorts are also adding which also supports our negative view on the stock. It failed to surpass its hurdle of Rs 135-137 levels and started witnessing selling pressure. So, one can sell the stock with the stop loss at Rs 128 for the downside immediate target of Rs 119.50 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi
