Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:
BUY BHARATFORG: The stock has made rounding bottom in weekly chart and surpassed its multiple hurdle of 920 zones after the consolidation of last one year. It has been making higher top –higher bottom formation on daily chart and looks strong for the upside immediate target of 970 levels. Thus recommending buying the stock with the stop loss of 909 for the upside immediate target of 970 levels.
BUY IOC: The stock has been making higher tops – higher bottom formation on daily chart and is set to give fresh breakout on weekly chart after the consolidation of last seven weeks. It is just few points away from its lifetime high territory and a fresh rally cannot be ruled in the counter. Thus recommending buying the stock with the stop loss of 562 for the upside immediate target of 600 levels.
BUY IRB: The stock surpassed the immediate hurdle of 254-255 levels and gave the highest daily close of last eight series. It has been making higher tops – higher bottom formation from five weeks. It surpassed its hurdle of 255 levels and now according to its current price placement, the stock is showing the potential to head towards 270 and higher levels. So, one can buy the stock with the stop loss of 252 for the upside immediate target of 270 levels.
SELL AMBUJACEM: The stock is making lower top – lower bottom formation from last six trading sessions as it failed to surpass the multiple hurdle of 269-270 zone and finding selling pressure at the higher levels. It broke its support of 260 and is witnessing built up of short position with open interest addition of around 10% in last two sessions. One can sell the stock on a small bounce back move with strict stop loss of 270 for the downside target of 255 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