 "Trading strategy")
Here are a few trading ideas from Chandan Taparia of Anand Rathi:
BUY LUPIN: The stock surpassed its immediate falling trend line and moved above its recent consolidation phase. It crossed and closed above its hurdle of 1508 levels and is showing the early signs of bottoming out. It is turning from the lower levels thus looks attractive in terms of risk reward ratio. One can buy the stock with the stop loss of 1460 for the upside immediate target of 1560 levels.
BUY TVSMOTOR: The stock registered new lifetime high at 393 levels and has been making higher highs - higher lows from last four weeks. Recently, it surpassed its important hurdle of 340 levels and the support base is also shifting higher. Earlier the support was around 300 levels then the same shifted to 340 and now the support is around 374 zones. Thus recommending buying the stock with the stop loss of 374 for the upside immediate target of 398 levels.
BUY ASIANPAINT: The stock is hovering near its lifetime high territory and accumulating positions as the longs are intact in the counter even at current high levels. It has witnessed open interest addition of around 9% in last couple of sessions thus supporting our positive view in the stock. It gave the highest daily closing and the trend of the stock is also positive and recent consolidation breakout is suggesting the fresh up move in the stock. So, recommending buying the stock with the stop loss of 1175 for the upside immediate target of 1250 levels.
SELL BANKINDIA: The stock failed to cross the multiple hurdles of 122-123 levels and formed a negative price structure. It has been witnessing built up of short position in the initial part of the series and shorts are indicating further downfall towards 113 and lower levels. One can sell the stock with the stop loss of 122 for the downside immediate target of 113 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
