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Here are a few trading ideas from Chandan Taparia of Anand Rathi
COAL INDIA: BUY
Read more from our special coverage on "TECHNICAL CALLS"
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- Sell Bata India, Shriram Transport Finance, Uflex: Geojit BNP Paribas
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- Buy Coal India, Engineers India; sell ACC, Apollo Tyres: Anand Rathi
- Chart Check: Aurobindo Pharma, Gallant Ispat, Lyka Labs, Asian Granito India
STOP LOSS: Rs 280
TARGET: Rs 295
The stock is taking support after the weakness of last nine series and finding buying interest at the lower levels. It is gradually rising and witnessing built up of long position from last five trading sessions. Thus it is well placed to head towards Rs 295 and looks attractive in terms of risk reward ratio. So one can buy the stock with the stop loss of Rs 280 for the upside immediate target of Rs 295 levels.
CIPLA: BUY
STOP LOSS: Rs 520
TARGET: Rs 557
The stock crossed its hurdle of Rs 539-Rs 540 levels at around its 50 DMA and gave the highest daily close of last forty six trading sessions. It gave a breakout after a consolidation of last six weeks and took support at its 200 weekly moving average. Now a fresh rally towards Rs 557 and higher levels cannot be ruled out. Thus recommending to buy the stock with the stop loss of Rs 520 for the upside immediate target of Rs 557 levels.
ZEE ENTERTAINMENT ENTERPRISES: BUY
STOP LOSS: Rs 400
TARGET: Rs 425
The stock surpassed and closed above its hurdle of Rs 412 levels after taking support at its 200 DMA. The support base is shifting to higher levels, earlier it was taking support around Rs 372 levels then the same shifted to Rs 383-Rs 385 and now the support is at Rs 400 zones. It has been holding its gains above its 50 weekly moving average on closing basis from last nine weeks. Thus recommending to buy the stock with the stop loss of Rs 400 for the upside immediate target of Rs 425 levels.
GODREJ INDUSTRIES: SELL
STOP LOSS: Rs 368
TARGET: Rs 347
The stock witnessed a pause after a strong rally seen in last six weeks and started to decline from last four trading sessions. It failed to cross its Rs 390 levels and broke its support of Rs 360 levels with liquidation of long position. Thus we are recommending selling the stock on bounce back move with the strict stop loss of Rs 368 for the upside target of Rs 347 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
