Photo: ShutterstockHere are a few trading ideas from Chandan Taparia of Anand Rathi for Friday's session:
BUY HINDUSTAN UNILIVER
The stock made double bottom price pattern on daily chart which has bullish implication. It held on to the gains with strength even after selling pressure was seen in the broader market. It shows the signs of bottoming out at the multiple support levels, thus looks attractive in terms of risk reward ratio. One can buy the stock with the stoploss of Rs 772 for the upside immediate target of Rs 820.
BUY BHARTI AIRTEL
The stock is giving the signs of bottoming out and is set to start fresh rally after consolidating at the lower levels. The mechanical indicator is also supporting our positive view in the stock and is set to move towards Rs 305. So, one can buy the stock to grab the opportunity of attractive risk reward ratio with the stoploss of Rs 285 for the upside immediate target of Rs 305.
SELL BANK OF BARODA
The stock is making lower top-lower bottom formation from last two weeks and is at the three series low levels. It broke the support of Rs 153 and is continuously witnessing selling pressure. Fresh built-up of short position with open interest addition of around 6% was seen in previous trading sessions 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 153.50 for the downside target of Rs 146.
SELL IRB INFRASTRUCTURE
The stock broke the support of Rs 190 and drifted below its support trend line. It witnessed liquidation of long positions and according to its current price structure it is showing the signs of drifting towards Rs 183 and lower levels. It failed to sustain above its Rs 200 and now we recommend selling the stock with the stoploss of Rs 195 for the downside target of Rs 183.
Disclaimer: We are suggesting these stocks to our clients but not personal holdings.
Chandan Taparia is a Derivatives Analyst - Equity Research at Anand Rathi