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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY VOLTAS: The stock formed a hammer candle after the decline of previous two days and closed at the day’s high levels. Overall trend of the stock is positive and witnessed buying interest at the lower levels. It is few points away from its lifetime high levels and if the buying action continues then it may head towards Rs 400 and higher levels. The support base is shifting higher in the stock thus recommending to buy the stock with the stop loss Rs 374 for the upside target of Rs 400 levels.
BUY LIC HOUSING: The stock is just few points away from its lifetime high levels and gave the highest daily close even after profit booking seen in the broader market. It gave a fresh breakout on weekly chart after the consolidation of last six weeks and now set for fresh up move towards Rs 616 and higher levels. Thus recommending buying the stock with the stop loss of Rs 580 for the upside immediate target of Rs 616 levels.
BUY ZEE ENTERTAINMENT: The stock is holding the gains and consolidating from last nine trading sessions even after profit taking seen in the broader market. It has been hovering near its lifetime high levels and a follow up buying at the current price juncture may take the stock in new higher territory. The longs are intact in the counter even at current price juncture thus indicating further up move in the stock. So recommending buying the stock with the stop loss of Rs 554 for the upside immediate target of Rs 588 levels.
SELL CIPLA: The stock is making lower highs from last three sessions and witnessing built up of short position with open interest addition of around 8%. It has formed a negative price structure as it failed to surpass its hurdle of Rs 600 levels and started to decline with selling pressure. One can sell the stock with the stop loss of Rs 595 for the downside immediate target of Rs 557 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
