Here are a few trading ideas from Chandan Taparia of Anand Rathi for Tuesday's session:
BUY MCLEOD RUSSEL INDIA
The stock has formed inverted head and shoulder on daily chart which has bullish implication. It surpassed the hurdle of Rs 158 and gave the highest daily close of last fifty six trading sessions. It has been holding the support base and trading above its 50-DMA from last ten trading sessions. So, one can buy the stock with the stoploss of Rs 154.50 for the upside target of Rs 165.
BUY LIC HOUSING FINANCE
The stock has been making higher highs – higher lows from last four trading sessions and closed above the falling trend line. It is trading above its 50 and 200-DMA and also gave the highest daily close of last nineteen trading sessions. Thus, recommending buying the stock with the stoploss of Rs 540 for the upside immediate target of Rs 575.
BUY ARVIND
The stock crossed the hurdle of 377 zones after the struggle of last two series. The longs were seen entering the counter at current price juncture thus indicating a further rally in the stock. It has formed an attractive price structure and if follow up buying continues in the stock then a further up move towards Rs 388 and higher levels may be seen. So, one can buy the stock with the stoploss of Rs 369 for the upside target of Rs 388.
SELL CEAT
The stock failed to surpass its Rs 1220 and witnessed selling pressure. It has seen liquidation of longs in previous session thus supporting our negative view in the counter. It failed to surpass the falling supply trend line and if follow up selling is seen then a further decline towards Rs 1154 may be seen. So, one can sell the stock with the stoploss of Rs 1226 for the downside immediate target of Rs 1154.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
