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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
HAVELLS: BUY
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Stop Loss: Rs 352
The stock has been holding the gains from last seventeen trading sessions. It has been holding above its 50 DMA and is moving after the profit taking seen in the first two week of this month which overall has bullish implication. It is hovering near its lifetime high territory and set to start fresh rally to new higher levels. Thus recommending buying the stock on declines with the stop loss of Rs 352 for the upside immediate target of Rs 375 levels.
HEXAWARE: BUY
Target: Rs 242
Stop Loss: Rs 222
The stock gave a consolidation breakout and surpassed the hurdle at its 50 DMA and gave the highest daily close of last thirty seven trading sessions. It has formed a bottom at its multiple support of Rs 205 levels and has turned from the lower levels. Thus looks attractive in terms of risk reward ratio. Thus recommending buying the stock with the stop loss of Rs 222 for the upside immediate target of Rs 242 levels.
LUPIN: BUY
Target: Rs 1530
Stop Loss: Rs 1430
The stock surpassed the hurdle of Rs 1450 levels and is giving an early sign of bottoming out after the decline witnessed in previous series. It gave the highest daily close of last fifteen trading sessions and started to move after holding onto the support from last 23 trading sessions. The up move is led by short covering activities and now a further positive move towards Rs 1530 and higher levels may be seen. So, one can buy the stock with the stop loss Rs 1430 for the upside immediate target of Rs 1530 levels.
CIPLA: SELL
Target: Rs 465
Stop Loss: Rs 498
The stock failed to cross its 495 levels after a bounce back from Rs 457 to Rs 492 and now started to decline with built up of short position. It has seen an open interest addition of around 2% in previous session with negative price flow which has a negative indication for the stock. It fell below the immediate support of Rs 480 levels and gave the lowest daily close of last 7 trading sessions. One can sell the stock with the stop loss of Rs 498 for the downside immediate target of Rs 465 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
