Here are a few trading ideas by Chandan Taparia, Derivatives and Technical Analyst & PFA at MOSL:
Nifty index opened positive and formed a strong Bullish candle on daily chart as it took support at its 13-DEMA and headed towards 9,100. It has negated its formation of lower highs-lower lows of previous three sessions and now a hold above 9,075 could extend its momentum towards 9,160 zone while on the downside, supports are seen at 9,050 and 9,020.
Last Close: Rs 1,490
Stop Loss: Rs 1,460
Target: Rs 1,530
Lupin has taken multiple support near Rs 1,440 and made a strong base to start the positive momentum. It is moving upwards after a long consolidation, so it looks attractive in terms of risk-reward ratio. Thus, we recommend to buy with the trading stop loss of Rs 1,460 for a potential upside target of Rs 1,530.
Last Close: Rs 544
Stop Loss: Rs 530
Target: Rs 572
Bata is in secular uptrend and is forming higher top-higher bottom on daily scale. It has taken multiple support near Rs 525-530 area and has rebounded from there. Thus, we recommend to buy with the trading stop loss of Rs 530 for a potential upside target of Rs 572.
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Chandan Taparia is a Deivatives and Technical Analyst at Motilal Oswal Securities.