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Last Updated : Jan 02, 2017 10:48 AM IST | Source: CNBC-TV18

Buy Arvind, sell Amara Raja Batteries: Chandan Taparia

Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities is of the view that one can buy Arvind and sell Amara Raja Batteries.

Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities told CNBC-TV18, "Arvind has recently bottomed out near to the support of Rs 320 zone. We have seen Put writing at the lower strike and recently surpassed falling supply trendline. The stock has tendency to witness the buying interest near to its weekly support trend line and this trend line is working well from last one year. So, expecting the stock to rally 8-10 percent on the weekly basis while on the immediate basis, I am looking for target of Rs 365-370. So, here one can trade with 360 Call as stock has already rallied by around 5-6 percent in the last trading session. I am recommending to buy 360 Call on small decline with stop loss of Rs 4 and this Call can move towards Rs 20."

"Amara Raja Batteries has not seen any recovery even after the rally in market by more than Rs 250-278 kind of levels. However, the stock is making lower top, lower bottom formation. It was down in the last series and making lower top, lower bottom formation. So, weakness may remain intact and this stock can go down towards Rs 835. So, one can sell on small bounce back move with a stop loss of Rs 900 zone," he added.

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First Published on Jan 2, 2017 10:06 am
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