Sell ACC, Union Bank: Chandan Taparia of Anand Rathi


Image via Shutterstock

Image via Shutterstock



BUY POWERGRID: The stock is holding its support base from last five sessions and sustaining above its 50 and 350 EMA even after selling pressure witnessed in the broader market. At the current price, it is well placed to start fresh rally led by buying interest towards Rs 146.25 and higher levels. One can buy the stock with a stop loss of Rs 138.50 for an upside target of Rs 146.25. 



BUY MARUTI: The stock is making higher – higher bottom formation from last twelve weeks and is continuously taking support at its 35 DMA from last twenty five trading sessions. Its support is shifting higher and it has formed an attractive price structure and is showing the strength to move towards Rs 4015 levels. One can buy the stock with the stop loss of Rs 3790 for the upside target of Rs 4015 levels. 


SELL UNION BANK: The stock is making lower highs – lower lows from last consecutive four weeks and is witnessing selling pressure at every minor attempt to bounce. It is witnessing built up of short position with an open interest addition of around 40% in this entire series and shorts are intact in the counter with short rollover from previous series to current series. One can sell the stock with the stop loss of Rs 111 for an immediate target of Rs 103.50.


SELL ACC: The stock witnessed a pause in the rally and started to decline. It broke its support of Rs 1425-1426 levels and is making lower highs- lower lows from last three trading session. It had witnessed a strong rally in the March and April series and now it is witnessed absence of buying at the higher levels. Thus we are recommending selling the stock on bounceback move with the strict stop loss of Rs 1462 for an upside target of Rs 1375 levels.



Chandan Taparia is Derivatives Analyst - Equity Research at Anand Rathi

Disclaimer : We are suggesting all these stocks to our clients but no personal holdings