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Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY POWERGRID: The stock held onto the support at previous resistance level and is consolidating from last two sessions. It registered lifetime high levels even and according to the current price placement the stock is showing the strength to head towards Rs 192 and higher levels. Thus recommending buying the stock with the stop loss of Rs 179 for the upside immediate target of Rs 192 levels.
BUY ZEE ENTERTAINMENT: The stock has taken support at its 200 DMA and is held onto the gains even after the volatile market move. It sustained its positive move throughout the session and formed a hammer pattern on daily chart which has bullish implication. Thus recommending buying the stock with the stop loss of Rs 455 for the upside immediate target of Rs 485 levels.
SELL BHEL: The stock failed to surpass its hurdle of Rs 142 zones and started to decline. It witnessed fresh built up of short position and has a tendency of witnessing selling at every minor bounce. Thus expecting the same to continue towards Rs 130 and lower levels. So, one can sell the stock with the stop loss Rs 138 for the downside immediate target of Rs 130 levels.
SELL GAIL: The stock is making lower highs from last three sessions as it failed to sustain above its multiple hurdle of Rs 450 levels. It has added short position with open interest addition of around 5% which may cause a decline before starting the next upswing of the stock. So, one can sell the stock with the stop loss Rs 444 for the downside immediate target of Rs 417 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
