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Here are a few stock recommendations from Chandan Taparia of Anand Rathi Retail Research for trade today
TCS: BUY
Target: Rs 2,660
Stop Loss: Rs 2,510
The stock has been moving in long consolidation from last couple of months and recently it has taken support at 2510-2530 zones and has managed to hold above its 50 DMA. It is trading in a range from last couple of months but the support base is shifting to the higher levels which indicates that fresh buying interest seen in the counter for the potential up move towards 2660 and higher levels. Traders can buy the stock with stop loss of 2510 for the upside immediate target of 2660 levels.
EROSMEDIA : BUY
Target: Rs 518
Stop Loss: Rs 475
The stock recently has taken multiple support at around 425-430 zones after the correction of last 6 weeks from 644 to 425 levels. It crossed the hurdle of 500 levels and gave the highest daily close of last eight trading sessions and also respecting to its 200 DMA. One can buy the stock with the stop loss of 475 for the upside target of 518 levels.
AMBUJA CEMENTS : BUY
Target: Rs 222
Stop Loss: Rs 201
The stock has taken support near to 52 weeks lows of 198-200 zones and turning from the major support after the weakness of last six weeks. The stock is resilient and holding the gains even after sustained selling pressure in the broader market. It has added fresh built up of long position and now this move may extend towards 222 and higher levels led by short covering activities. One can go long in the counter with the stop loss of 201 for the upside target of 222 levels.
CANARA BANK : SELL
Target: Rs 255
Stop Loss: Rs 272
Stock has failed to cross the hurdle of 300 zones and broke its support of 275 levels. It has been making lower highs - lower lows from last three trading sessions and has formed a weak structure with built up of short position. Thus sustained selling pressure at every bounce back move may drag the counter toward 255 and further lower level. One can sell the stock with the stop loss of 272 for the downside target of 255 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
