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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today
BUY CAIRN INDIA: The stock held onto the previous support around Rs 245 zones even after the sharp decline seen in the broader market. It sustained its levels around its 52 weeks high territory and now according to its current price structure an up move towards Rs 257 and higher levels may be seen. One can buy the stock with the stop loss of Rs 242 for the upside immediate target of Rs 257 levels.
BUY SBI: The stock held onto above its Rs 240 levels which was acting as resistance in previous week and has formed a bullish price structure on weekly chart. It is holding above its 50 and 200 weekly moving averages. We are expecting it to witness positive move towards Rs 280 and higher levels. Recommending buying the stock with stop loss of Rs 260 for the upside target of Rs 280 levels.
SELL BATA INDIA: The stock is making lower top – lower bottom formation from last three weeks and is finding selling pressure at every attempt to bounce back. It gave the lowest daily close of last three years. It broke its support of Rs 450 levels and is witnessing built up of short position with open interest addition of around 4% in last session. One can sell the stock on a small bounce back move with strict stop loss of Rs 456 for the downside target of Rs 429 levels.
SELL BHARTI INFRATEL: The stock failed to surpass the hurdle of Rs 385- Rs 386 zones and is finding selling pressure at the higher levels. It witnessed liquidation of longs and is showing a tendency of witnessing selling pressure at the resistance levels from last three series. Thus, expecting the same move to continue in coming session. One can sell the stock on a small bounce back move with strict stop loss of Rs 382 for the downside target of Rs 358 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
