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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
TATA STEEL: BUY
Target: Rs 352
Stop Loss: Rs 329
The stock surpassed its falling supply trend line and registered a price volume breakout on daily and weekly chart. It has been making higher highs – higher lows from last two sessions and took support at its 50 DMA. It formed a bullish Marubozu on daily chart indicating strength in the counter with its all other metal peers. Thus recommending buying the stock with the stop loss of Rs 329 for the upside target of Rs 352 levels.
AXIS BANK: BUY
Target: Rs 578
Stop Loss: Rs 540
The stock gave a breakout and surpassed its multiple hurdle of 550 levels with rising volumes. It has been making higher top – higher bottom formation and supports are gradually shifting on higher side. It has taken immediate support at Rs 536 - Rs 540 zones and gave highest daily close since 18th August, 2015. Thus recommending buying the stock with the stop loss of Rs 540 for the upside target of Rs 578 levels.
MARUTI SUZUKI: BUY
Target: Rs 4,485
Stop Loss: 4,222
The stock in the previous session traded at its 6 series high levels and registered a consolidation breakout. It has been making higher highs – higher lows price formation from last 4 series. It has seen built up of long position and moving upside with open interest addition of around 6% in last couple of trading sessions. Thus recommending buying the stock with the stop loss of Rs 4222 for the upside target of Rs 4485 levels.
JUST DIAL: SELL
Target: Rs 556
Stop Loss: 600
The stock has been falling down and is trapped in a strong bear grip with huge built up of short positions. It failed to cross immediate hurdle of Rs 625 zones even after strong rally seen in the broader market and also broke its immediate support of Rs 585 mark. It has also added fresh shorts by around 35% in last couple of trading sessions which supports our negative sense on the stock. One can sell the stock with stop loss Rs 600 levels of for the downside target of Rs 556 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
