Tata Power, Exide, Whirlpool & JB Chemicals: Four trading ideas for short-term trade

Domestic brokerage firm ICICIDirect Research and SMC Global have picked up four stocks, namely- Tata Power, Exide Industries, Whirlpool of India and JB Chemicals & Pharmaceuticals- in their report. The brokerages believe that the technical patterns and parameters for these stocks are sound and are poised to deliver strong returns in the near term. Here's what analysts said about these stocks:

Exide Industries | Buy | Target Price: Rs 199-200 | Stop Loss: Rs 174
After testing its 52-week high of Rs 194.20, Exide witnessed a correction phase, over the months and is seen sliding back toward Rs 175 level. The correction in prices was observed with a formation of lower top patterns on daily charts. However, the stock managed to take support at its 200-day exponential moving average on daily charts, and once again caught an upside momentum. Last week, the stock gave a breakout above the falling trend line of the downward-sloping channel. Additionally, fresh breakout has also been observed above 'Inverted Head & Shoulders' pattern, visible in a shorter time frame. Therefore, one can buy the stock in the range of Rs 183-185 levels for the upside target of Rs 199-200 levels with a stop loss below Rs 174 levels.
Recommended by: SMC Global

Whirlpool of India | Buy | Target Price: Rs 1,425 | Stop Loss: Rs 1,274
Whirlpool has managed to sustain above its resistance area of Rs 1,350 and is showing initial signs of a fresh-up move. The stock had been under selling pressure over the past six months and tested its long-term support of Rs 1,250. Since then, it has witnessed a rebound on the back of delivery-based buying. On the F&O front, in the recent up move, futures open interest is down by 25 per cent from its March high, indicating a short covering move. With the stock sustaining above its resistance zone, we believe the current short-covering trend may resume and lead the stock toward Rs 1425.
Recommended by: ICICIDirect Research

JB Chemicals & Pharmaceuticals | Buy | Target Price: Rs 2,400-2,420 | Stop Loss: Rs 2,000
For nearly the last four months, JB Chemicals has been consolidating in a broader range of Rs 1,930-2,130 zone, as prices can be seen fluctuating above its 200-day exponential moving average on daily charts. Last week a fresh breakout in prices has been observed after a prolonged consolidation phase. The sudden spike in average volumes along with positive divergences on secondary oscillators, with the rise in price, points towards more upside in coming sessions. Therefore, one can buy the stock in the range of Rs 2,150-2,165 levels for the upside target of Rs 2,400-2,420 levels with a stop loss below Rs 2,000 levels.
Recommended by: SMC Global

Tata Power | Sell | Target Price: Rs 187| Stop Loss: Rs 202.1
Tata Power failed to cross its resistance zone and is likely to remain under pressure in the coming session. Further, in the recent leg of broad-based recovery, it failed to sustain above its highest Call base of Rs 200. The stock has reverted from there on. On the future front, short open interest has remained stable despite the recovery, which is a negative sign. Going ahead, we believe the stock is unlikely to cross its call base of Rs 200.
Recommended by: ICICIDirect Research

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