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Here are a few trading ideas from Chandan Taparia of Anand Rathi for Tuesday's session:
BUY TATA MOTORS
The stock surpassed the hurdle of Rs 485 and gave a consolidation breakout. It surpassed its 50-DMA and is moving after taking support at its 200-DMA. It gave the highest daily close of last thirty five trading sessions. According to its current price placement, the stock is set to head towards Rs 500 and higher levels. Thus, one can buy the stock with the stoploss of Rs 469 for the upside immediate target of Rs 500.
The stock is making higher top-higher bottom from last five sessions after taking support near to Rs 610. It moved above its 50-DMA and gave the highest daily close of last ten trading sessions. It crossed its falling supply trend line and is set to head towards Rs 675 and higher levels. Thus, one can buy the stock with the stop loss of Rs 636 for the upside immediate target of Rs 675.
BUY BHARAT FORG
The stock gave a breakout from its consolidation phase and surpassed the hurdle of Rs 925. It witnessed built-up of long position with open interest addition of around 3% in previous session thus supporting our positive view in the stock. So, one can buy the stock with the stoploss of Rs 899 for the upside immediate target of Rs 955.
SELL BANK OF BARODA
The stock is making lower top-lower bottom formation from last five weeks. It failed to surpass its Rs 155 and witnessed huge selling pressure with fresh built-up of short position with open interest addition of around 14% in previous trading session which will support the negative view in the counter. One can sell the stock on a small bounce-back move with strict stoploss of Rs 155 for the downside target of Rs 147.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi