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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
MARICO: BUY
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Stop Loss: Rs 258
The stock gave a breakout on its weekly and daily chart after the consolidation of last seven weeks. It has been continuously taking support at its 50 DMA and the trend is intact to positive. It is at its lifetime high levels and witnessing sustained trading and delivery volumes thus showing the potential to move in the new higher territory towards 275 and higher levels. So, one can buy the stock with the stop loss Rs 258 for the upside immediate target of Rs 275 levels.
DISH TV: BUY
Target: Rs 102.50
Stop Loss: Rs 95
The stock has been making higher highs – higher lows from last five trading sessions and surpassed the immediate hurdle of 98.50-98.70 levels. It gave the highest daily closing of last twenty four weeks. It is set to start fresh rally towards Rs 102.50 and higher levels. Thus one can buy the stock with the stop loss of Rs 95 for the upside immediate target of Rs 102.50 levels.
M&M FINANCIAL: BUY
Target: Rs 363
Stop Loss: Rs 340
The stock is continuously moving upside and registered lifetime high levels by surpassing the previous high of Rs 356.50 levels and is at yearly breakout levels. The support base is shifting higher as earlier it had taken support around Rs 275-280 then the same shifted to Rs 292 zone and now it is taking support at Rs 340 levels. The longs are intact in the counter even at current levels as the open interest increased by around 9% in previous session and it is well placed to continue it’s up move towards Rs 363 and higher levels. So, one can buy the stock with the stop loss Rs 340 for the upside immediate target of Rs 363 levels.
TCS: BUY
Target: Rs 2435
Stop Loss: Rs 2595
The stock is underperforming the broader market as even after the positive rally seen in the index the stock failed to recover and fell below its Rs 2500 zones. It has formed a negative price structure and witnessed huge built up of short position as open interest was up by around 12% on the first day of the new series. So recommending to sell the stock with the stop loss of Rs 2595 for the downside target of Rs 2435 levels.
Disclaimer: We are suggesting these stocks to our clients but no personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
