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Top intraday calls from Chandan Taparia of Anand Rathi

IDBI : BUY
STOP LOSS: Rs 56
TARGET: Rs 63

The stock is turning from the crucial support of 53 levels from the oversold territory and gave an early sign of bounce back move after the sharp decline from 95 to 54 levels. The support of 52-54 is working well from last four years and we are expecting the same behavior to continue at current levels. It negated the negativity of last three weeks and witnessed a pause in the decline which also may attract for fresh buying opportunity for those who are interest for better risk reward ratio. Thus recommending buying the stock with the stop loss of Rs 56 for the upside target of Rs63 levels.

M&M : BUY
STOP LOSS: Rs 1,160
TARGET: Rs 1,248

It has been consolidating in a broader range 1100 to 1400 levels from last one year and the support is intact even after the volatility in the broader market. It is turning from the lower band of the trading range and also forming an inverse head and shoulder pattern on daily chart which has a bullish implication. It has to hold above immediate hurdle of 1220 to witness a momentum and fresh buying interest towards 1248 and 1270 levels. Thus recommending buying the stock with the stop loss of Rs1160 for the upside target of Rs1248 levels.

SUN PHARMA : BUY
STOP LOSS: Rs 805
TARGET: Rs 864

The stock crossed and closed above its immediate hurdle of 825 levels and gave the highest daily close of last fifty five trading sessions. It is holding the gains above its 50 day moving average from last four trading sessions and given a price breakout after the long consolidation of last 11 weeks. It is showing strength and may continue it positive move towards 864 and higher levels after the recent fall from 933 to 700 levels. One can buy the stock with stop loss of Rs 805 for the upside target of Rs 864 levels.

EXIDE INDUSTRIES : SELL
STOP LOSS: Rs 125
TARGET: Rs 114

The stock has been continuously witnessing selling pressure from last four weeks and making lower highs – lower lows price formation. However, it tried to cross its hurdle of 128 levels but failed to hold and started to decline which indicates further weakness in the stock. It hit its 52 weeks low levels and has been witnessing built up of short position even at current levels. One can sell the stock on bounce back move with stop loss of Rs125 for the downside target of Rs114 levels.