MARUTI SUZUKI: BUY
STOP LOSS; Rs 3,665
TARGET: Rs 3,900
The stock surpassed its 3795-3800 levels which has been acting as a hurdle from last ten weeks and gave the highest daily close of last fifty trading sessions. It was taking support and respecting to its 35 DMA and crossed and closed above its 50 DMA. It is turning.
STOP LOSS: Rs 192
TARGET: Rs 205
The stock crossed its hurdle of 199-200 levels after the struggle of last five weeks. It is taking support at its 50 DMA and gave a consolidation breakout. It registered the highest daily close of last fourteen weeks and is well placed to start fresh rally towards 205 and higher levels. It is holding the gains with other banking stock and now a fresh rally cannot be ruled out.
STOP LOSS: Rs 104.50
TARGET: Rs 97
The stock witnessed a pause in the rally after a recovery rally seen in the March series. It is finding hurdle at the higher levels and hit a low of 99.40 levels the breaking its support levels. The short were being built in the counter and fresh Call writing at 100, 102.50 and 105 strikes is keeping its upside limited.
APOLLO TYRES: SELL
STOP LOSS: Rs 170
TARGET: Rs 159
The stock broke its weekly support and fell below its 165 levels. It gave the lowest close of last thirty one trading sessions and witnessed built up of short position with open interest addition by around 10% in the previous session. We have fundamentally contrary view on the stock but suggesting a trade for immediate profit booking decline towards 159 levels.
Disclaimer: We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi