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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY CIPLA: The stock surpassed the hurdle of Rs 575- Rs 576 levels and gave the highest daily close of last six months. It is moving after a consolidation of last eight trading sessions and gave a breakout on daily and weekly charts. Recently it had taken support at its 200 weekly moving average and closed above its 50% Fibonacci retracement levels. Thus recommending buying the stock with the stop loss of Rs 555 for the upside immediate target of Rs 592 levels.
BUY RELIANCE INDUSTRIES: The stock has given a consolidation breakout and surpassed its hurdle of Rs 1040 levels. It gave a price volume breakout on daily and weekly chart and crossed its immediate falling trend line. It gave the highest daily close of last since 18th April, 2016 and according to its current price placement it is set for a strong upside move towards Rs 1092 and higher levels. Thus recommending buying the stock with the stop loss of Rs 1029 for the upside immediate target of Rs 1092 levels.
BUY TVSMOTOR: The stock is near its lifetime high levels and gave a breakout with huge built up of long position. It has added open interest by around 21% in previous session indicating longs are intact in the counter and it is set to continue its up move towards Rs 337 and higher levels. So, one can buy the stock with the stop loss of Rs 317 for the upside target of Rs 337 levels.
BUY M&M FINANCIAL: The stock formed a positive price structure and closed above its immediate hurdle of Rs 345- Rs 346 levels. It has been witnessing built up of long position with open interest addition of around 6-7% in last two days. It gave the highest daily close of last thirty two trading sessions. So, one can buy the stock with the stop loss of Rs 340 for the upside target of Rs 365 levels.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
