 "Image via Shutterstock")
Here are a few trading ideas from Chandan Taparia of Anand Rathi:
TATA COFFEE: BUY
Stop Loss: Rs 103
Target: Rs 112
Also Read
It gave strong consolidation breakout with significant rise in trading volumes and crossed and closed above its 200 DMA. It crossed the hurdle of Rs 109 levels and after the struggle of last two years. Thus, it registered two years high levels. One can buy the stock with stop loss of Rs 103 for the upside target of Rs 112 levels.
SCHNEIDER ELECTRIC INFRASTRUCTURE: BUY
Stop Loss: Rs 171
Target: Rs 183
It has been taking support at its 50 DMA and holding the support even base even after the volatility swing being witnessed in the broader market. It ended the previous session at its eighteen weeks highest daily close levels. One can buy the stock with stop loss of Rs 171 for the upside target of Rs 183 levels.
RELIANCE INDUSTRIES: BUY
Stop Loss: Rs 990
Target: Rs 1,053
It is doing well from the last 3-4 series. We are witnessing roll-over of more than 85 percent. It has managed to hold that multiple hurdle of Rs 1,000-1,020 zone and adding fresh built up of long positions. On the last trading session, we have seen Call unwinding at Rs 1,000-1,020 Strike and fresh Put writing is also supporting. Overall, because of the market pressure, the stock may turn into positive to range bound, but if the market is stable, then we are expecting a move towards Rs 1,065-1,070 levels in the counter. One can buy the stock with stop loss of Rs 990 for the upside target of Rs 1,053 levels.
VEDANTA: SELL
Stop Loss: Rs 85
Target: Rs 75
It has failed to hold recent bounce back move in the previous week and is again turning to lower zones. It has been making lower price formation and forming lower highs- lower lows from last three trading session. It has recovered from Rs 80 to Rs 90 zones in last three weeks and now fresh short are again putting the pressure to drag it to lower levels. Traders can sell the stock on small bounce back move with stop loss of Rs 85 for the downside target of Rs 79 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a derivative and technical analyst with Anand Rathi
