Technical calls by Chandan Taparia: Buy Hero Moto, Reliance Capital
Here are a few trading ideas from Chandan Taparia of Anand Rathi for Wednesday's session:
BUY HERO MOTO CORP
The stock crossed and closed above Rs 3120 and moved above its consolidation phase of last three weeks. It gave the highest daily close of last twenty three trading sessions. It has formed an attractive price structure and looks attractive to head towards Rs 3220 and higher levels. It closed above its 50-DMA. Thus one can buy the stock with the stoploss of Rs 3033 for the upside target of Rs 3220.
BUY RELIANCE CAPITAL
The stock surpassed the hurdle of Rs 460 after the struggle of last eight weeks. It inched higher from its consolidation phase after taking support around its 200-DMA and also moved above its 50-DMA. It looks attractive in terms of risk reward ratio and is well placed to head towards Rs 475 and higher levels. Thus, one can buy the stock with the stoploss of Rs 448 for the upside target of Rs 475.
SELL BHEL
The stock witnessed selling and failed to surpass Rs 130. It has seen built-up of short position as well as liquidation of long position thus supporting our negative view in the counter. It has tendency of witnessing selling pressure after every meaningful bounce back move so bears may get the grip to drag it on lower levels. So, one can sell the stock with the stoploss of Rs 132.50 for the downside immediate target of Rs 125.
SELL CESC
The stock failed to sustain its recent bounce-back move and failed to sustain Rs 680. It may see some profit taking decline before starting the next up move. It has witnessed huge built-up of short position with open interest addition of around 10% in the previous trading sessions. Thus, one can sell the stock with the stoploss of Rs 705 for the downside immediate target of Rs 663.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi
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