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Chart Check: TVS Motor, NTPC, Hindustan Petroleum, Titan

Image via Shutterstock

Image via Shutterstock

 

 

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

BUY TVSMOTOR: The stock traded inside the trading range of previous session and has taken support at the previous low made in the month of September, 2016. Recently, it had ended the immediate pattern of making lower lows – lower highs and held onto the gains even after the negativity seen in the broader market. Thus recommending buying the stock with the stop loss of 347 for the upside immediate target of 370 levels.

BUY NTPC: The stock surpassed the immediate hurdle of 158 zones and gave a price volume breakout. It held on the support from last three sessions and gave the highest daily close since 8th September, 2016. It turned after taking support around 61.8% retracement levels on daily chart. It is holding above its 50 DMA and according to its current price structure it is well placed to continue its move towards 163 and higher levels. Thus recommending buying the stock with the stop loss of 151 for the upside immediate target of 163 levels.

BUY HINDPETRO: The stock is hovering near its 52 weeks high levels even after profit taking seen in the broader market. It has formed a strong price structure and is again set to start fresh rally after the consolidation which has bullish implications. Fresh longs were added in the counter and now it is well placed to head towards 470 and higher levels. Thus one can buy the stock with the stop loss of 440 for the upside immediate target of 470 levels

 
SELL TITAN: The stock has broken the support of 320 levels than 302 zones and is witnessing built up of short position with open interest addition of around 10% in last couple of trading sessions. It has been falling down from last three weeks and also broken important support line. It is showing extension of weak structure so one can sell the stock with the stop loss of 316 for the downside target of 298 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