 "Top trading ideas from Chandan Taparia of Anand Rathi")
NILKAMAL: BUY
Target: Rs 1,340
Stop Loss: Rs 1,255
The stock gave a price volume breakout and surpassed its falling supply trend line after giving a strong gap up opening. It held onto the support at its 50 day exponential moving average and gave the highest daily close of last seventeen trading sessions.
Target: Rs 1,340
Stop Loss: Rs 1,255
The stock gave a price volume breakout and surpassed its falling supply trend line after giving a strong gap up opening. It held onto the support at its 50 day exponential moving average and gave the highest daily close of last seventeen trading sessions.
JET AIRWAYS: BUY
Target: Rs 680
Stop Loss: Rs 642
The stock is making higher top- higher bottom formation from last twelve weeks and the support is shifting higher. Earlier it was taking support around its 608-610 zones and now the same has shifted to 642-643 zones. It is taking support at its 13 DMA from last ten sessions and according to its current price structure it is set to rally towards 680 and higher levels.
Target: Rs 680
Stop Loss: Rs 642
The stock is making higher top- higher bottom formation from last twelve weeks and the support is shifting higher. Earlier it was taking support around its 608-610 zones and now the same has shifted to 642-643 zones. It is taking support at its 13 DMA from last ten sessions and according to its current price structure it is set to rally towards 680 and higher levels.
Dr REDDY'S LAB: BUY
Target: Rs 3,040
Stop Loss: Rs 2,895
The stock is making higher top – higher bottom formation from last six sessions and gradually moving upwards after forming a bottom near 2820-2850 zones. It witnessed built up of long position with an open interest addition of around 4.50% in previous session. It looks attractive in terms of risk reward ratio and a further up move towards 3040 and higher levels cannot be ruled out.
Target: Rs 3,040
Stop Loss: Rs 2,895
The stock is making higher top – higher bottom formation from last six sessions and gradually moving upwards after forming a bottom near 2820-2850 zones. It witnessed built up of long position with an open interest addition of around 4.50% in previous session. It looks attractive in terms of risk reward ratio and a further up move towards 3040 and higher levels cannot be ruled out.
CIPLA: SELL
Target: Rs 509
Stop Loss: Rs 544
The stock failed to cross its 550 levels after a recovery rally from 497 to 547 and started to decline with built up of short position with an open interest addition of around 2% in previous session. It fell below the immediate support of 525 levels and gave the lowest daily close of last 19 trading sessions. One can sell the stock with the stop loss of 544 for the downside immediate target of 509 levels.
Target: Rs 509
Stop Loss: Rs 544
The stock failed to cross its 550 levels after a recovery rally from 497 to 547 and started to decline with built up of short position with an open interest addition of around 2% in previous session. It fell below the immediate support of 525 levels and gave the lowest daily close of last 19 trading sessions. One can sell the stock with the stop loss of 544 for the downside immediate target of 509 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
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
