 "Trading strategy")
Here are a few trading strategies from Chandan Taparia of Anand Rathi:
ZEE ENTERTAINMENT ENTERPRISES: BUY
Target: Rs 380
Stop Loss: Rs 403
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The stock crossed and closed above its hurdle of Rs 390 levels and also moved above its 50 and 200 DMA. It gave the highest daily close of last twelve trading sessions and snapped the losses made in the last week of march from Rs 395 to Rs 372 levels. Now fresh rally towards Rs 403 and higher levels cannot be ruled out. It is continuously respecting to its 50 weekly moving average on closing basis from last six weeks. So we are recommending buying the stock with stop loss of Rs 380 for the upside immediate target of Rs 403 levels.
GRUH FINANCE: BUY
Target: Rs 238
Stop Loss: Rs 255
The stock gave the highest daily close thirty trading sessions after recording a consolidation breakout above its 50 DMA. It is gradually rising from last four weeks after forming a bottom at its multiple support levels. It is well placed at the current price juncture to continue the positive price move of last consecutive two trading sessions and move towards Rs 255 and higher levels. So we are recommending buying the stock with stop loss of Rs 238 for the upside immediate target of Rs 255 levels.
COAL INDIA: SELL
Target: Rs 298
Stop Loss: Rs 280
The stock has been making lower top – lower bottom formation with sustained supply pressure. It has a tendency of witnessing selling pressure at every attempt to bounce back. It has broken the weekly support and January low of Rs 287.75 zones and registered the fresh 52 weeks lows. It has been witnessing built up of short position even at current levels which has bearish implication for further declines. One can sell the stock with stop loss of Rs 298 for the downside target of Rs 280 levels.
AJANTA PHARMA: SELL
Target: Rs 1,430
Stop Loss: Rs 1,345
The stock failed to cross its multiple hurdles of Rs 1,445 - Rs 1,450 zones and is falling down from higher levels near to crucial supply zones. It has been continuously finding sustained supply near its resistance levels and shorts are again getting grip in the counter. One can sell the stock with stop loss of Rs 1,430 for the downside target of Rs 1,345 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a derivatives analyst with Anand Rathi
