 "Top trading ideas from Anand Rathi: Buy Dish TV, Union Bank")
UNION BANK : BUY
Stop Loss:Rs 164
Target: Rs 180
The stock has recently bottomed out by taking support near to Rs 155-158 zones and showing strength to continue it upside momentum. It is also holding the gains above its 50 DMA from last two trading sessions and support based buying may take it to 180 and higher zones. Technical indicators are also turning from oversold zone so looks attractive in terms of risk reward ratio.
Stop Loss:Rs 164
Target: Rs 180
The stock has recently bottomed out by taking support near to Rs 155-158 zones and showing strength to continue it upside momentum. It is also holding the gains above its 50 DMA from last two trading sessions and support based buying may take it to 180 and higher zones. Technical indicators are also turning from oversold zone so looks attractive in terms of risk reward ratio.
SHRIRAM TRANSPORT FINANCE: BUY
Stop Loss: Rs 842
Target: Rs 920
It negated the negative pattern of making lower top – lower bottom formation of last six weeks. It has managed to hold the support base which is shifting to higher levels with rise in trading volumes which have bullish implication. Overall we have a negative view from fundamental point of view but suggesting this trade in the expectation of immediate sharp technical bounce back move as it has formed a bullish engulfing pattern on weekly chart near the important support zones.
Stop Loss: Rs 842
Target: Rs 920
It negated the negative pattern of making lower top – lower bottom formation of last six weeks. It has managed to hold the support base which is shifting to higher levels with rise in trading volumes which have bullish implication. Overall we have a negative view from fundamental point of view but suggesting this trade in the expectation of immediate sharp technical bounce back move as it has formed a bullish engulfing pattern on weekly chart near the important support zones.
DISH TV: BUY
Stop Loss: Rs 103.50
Target: Rs 113
It has formed multiple bottoms near 94-95 zones and now the support has shifted to 101 and 103.50 zones. It has surpassed the falling supply trend line and had given a small price breakout on last session above 105 zones. It is set to start an up move after the long consolidation of last 4 weeks with built up of long position. Major trend of the stock is positive and after the recent consolidation it is well placed to start the next leg of rally with buying interest in entire sector with rising volume activities.
Stop Loss: Rs 103.50
Target: Rs 113
It has formed multiple bottoms near 94-95 zones and now the support has shifted to 101 and 103.50 zones. It has surpassed the falling supply trend line and had given a small price breakout on last session above 105 zones. It is set to start an up move after the long consolidation of last 4 weeks with built up of long position. Major trend of the stock is positive and after the recent consolidation it is well placed to start the next leg of rally with buying interest in entire sector with rising volume activities.
CAIRN INDIA : SELL
Stop loss: Rs 142
Target: Rs 132
It has been falling down from last three trading session as failed to cross immediate hurdle of 141-142 zones and adding fresh built up of short position. Overall trend of the stock is negative as it is trading near to seven year low levels and shorts are intact in the counter with rollover activities.
Stop loss: Rs 142
Target: Rs 132
It has been falling down from last three trading session as failed to cross immediate hurdle of 141-142 zones and adding fresh built up of short position. Overall trend of the stock is negative as it is trading near to seven year low levels and shorts are intact in the counter with rollover activities.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi
