 "Trading ideas from Chandan Taparia of Anand Rathi")
EMAMI : BUY
STOP LOSS: Rs 972
TARGET: Rs 1047
The stock crossed its 50 DMA and managed to hold the gains above 1000 levels. It gave the highest daily close of last five weeks and now started to move after a long consolidation thus looks attractive in terms of risk reward ratio. One can buy the stock with stop loss of Rs 972 for the upside target of Rs 1047 levels.
TATA MOTORS : BUY
STOP LOSS:Rs 340
TARGET:Rs 367
The stock formed a “Morning Star” candle pattern on daily chart and recently turned from immediate support of 335 zones. It negated the negativity of last two weeks and getting positive sign from mechanical indicators. It is turning from the oversold territory thus also looks attractive at current levels. One can buy the stock with stop loss of Rs 340 for the upside target of Rs 367 levels.
LIC HOUSING FINANCE : BUY
STOP LOSS:Rs 456
TARGET:Rs 488
The stock has taken support at its 200 DMA and finally managed to end the session on a positive note after the fall of last six trading sessions. It is turning from the multiple support of 450-462 zones thus an up move led by short covering activity cannot be ruled out. One can buy the stock with stop loss ofRs 456 for the upside target of Rs 488 levels.
EXIDE INDUSTRIES : SELL
STOP LOSS:Rs 135
TARGET:Rs 124
The stock has been making lower top – lower bottom formation on daily, weekly and monthly chart. It has a tendency of witness selling pressure at every small bounce back. It has broken its multiple support of 135 levels in the last week and hit fresh 52 weeks low of 127 on last trading session. It has been witnessing built up of short position even at current levels which has bearish implication for further declines. One can sell the stock with stop loss of Rs 135 for the downside target of Rs 124 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a technical analyst with Anand Rathi Retail Research
