Technical buy and sell calls by Chandan Taparia of Anand Rathi
Here are a few trading ideas from Chandan Taparia of Anand Rathi for Thursday's session:
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BUY ICICI BANK
The stock gave a breakout from its consolidation phase and moved above its 50-DMA. It edged higher above its 261 levels which were acting as a hurdle from last three weeks. It is also taking support near to its lower band of the rising channel which also provides a better risk reward ratio at current levels. Thus, one can buy the stock with the stop loss of Rs 256 for the upside immediate target of Rs 271.
BUY LIC HOUSING FINANCE
The stock has taken support at the 200 day moving average and sustained above its 50 weekly moving average. It gave the highest daily closing of last seven trading sessions and at its current price juncture it is well placed to head towards 545 and higher levels. Thus, one can buy the stock with the stop loss of Rs 514 for the upside immediate target of Rs 545.
BUY BHARAT FORG
The stock surpassed the hurdle of Rs 937 with fresh built up of long position even at the current levels. It gave a breakout with the open interest addition of around 6% in previous session. It has formed an attractive price pattern and may see an up move towards Rs 990 and higher levels. So, one can buy the stock with the stop loss of Rs 930 for the upside immediate target of Rs 990.
SELL BAJAJ AUTO
The stock has failed to continue its bounce back move after the recovery in previous week. It has tendency of witnessing selling pressure after every meaningful bounce back move so bears may get the grip to drag it on lower levels. Thus, recommending selling the stock with the stop loss of Rs 2,820 for the downside immediate target of Rs 2,655.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi