Chart Check: Canara Bank, LIC Housing Finance, Arvind, Pidilite Inds

Image via Shutterstock
Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:

BUY CANBK: The stock has been consolidation between 295 to 313 zones since last three weeks and not ready to decline even after profit booking decline in the broader market showing inherent strength in the counter. It gave a strong breakout and gave the highest closing of last one year. Medium term outlook in the stock is positive and recent consolidation is suggesting the fresh up move in the stock. So, recommending buying the stock with the stop loss of 300 for the upside immediate target of 322 levels.

BUY LICHSGFIN: The stock is holding the gains and consolidating from last eleven 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 support is shifting higher in the stock as earlier it was taking support around 525-530 zones then same shifted to 550 levels and now the support is around 565 zones. Thus recommending buying the stock with the stop loss of 565 for the upside target of 607 levels.

BUY ARVIND: The stock has given a breakout by forming higher top – higher bottom formation from last five weeks and crossed its multiple series hurdle of 345 zones. The stock has formed a positive price structure and longs are intact in the counter even at current price juncture with fresh Open interest addition of around 8% in previous session. So, recommending buying the stock with the stop loss of 333 for the upside immediate target of 356 levels.

SELL PIDILITIND: The stock is making lower top – lower bottom formation from last two weeks as it failed to surpass the multiple hurdles of 725 zone and finding selling pressure at the higher levels. It broke its support of 700 and is witnessing built up of short position thus supporting our negative view in the stock. One can sell the stock on a small bounce back move with strict stop loss of 718 for the downside target of 675 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


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel