Buy PVR, SBI, Maruti Suzuki; sell Just Dial: Anand Rathi

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

PVR: BUY

Target: Rs 1040

Stop Loss: Rs 980


The stock surpassed the immediate falling trend line with increase in volumes after taking multiple supports around Rs 980 zones and respecting to its 13 EMA. It is continuously making higher top – higher bottom formation on daily and weekly chart and rising higher. Thus recommending buying the stock with the stop loss of Rs 980 for the upside target of  Rs 1040 levels.

 

SBI:  BUY

Target: Rs 240

Stop Loss: Rs 223

The stock is making higher highs – higher lows from last six weeks and trading above its moving averages. The support is shifting higher as earlier it was taking support around 200 zones then the same shifted to Rs 215 zones and now it is taking support at around Rs 223 zones.  It gave the highest daily close since 11th December, 2015. One can buy the stock with stop loss of Rs 223 for the upside target of Rs 240 levels.
 

 

MARUTI SUZUKi: BUY

Target: Rs 4540

Stop Loss: Rs 4270

The stock in the previous session traded at its 7 series high levels and registered highest daily close since 7th Jan, 2016. It has been making higher highs – higher lows price formation from last 4 series. It has seen built up of long position and moving upside with open interest addition of around 6% in last couple of trading sessions. Thus recommending buying the stock with the stop loss of Rs 4270 for the upside target of Rs 4540 levels.

 

JUST DIAL: SELL

Target: Rs 555

Stop Loss: Rs 592

The stock has been falling down and making lower highs –lower lows from last seven sessions and is trapped in a strong bear grip. It is witnessing selling pressure with huge built up of short positions and in last couple of sessions it has added open interest by around 30%. It has a tendency of witnessing selling at every resistance levels thus supporting our negative view in the stock. One can sell the stock with stop loss of Rs 592 levels for the downside target of Rs 555 levels.


Disclaimer: We are suggesting these stocks to our clients but no personal holdings

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