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Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW: Nifty has yet again closed above 10,400 levels now keeping in mind there is a crucial support at 10,370 for Nifty. Market witnesses a very stock specific movement with mid cap sector too showing signs of corrective move. The support for the day is seen at 10,380 while resistance is seen at 10,490. BUY TATA MOTORS CMP: Rs 439.30 TARGET: Rs 470 STOP LOSS: Rs 420 The stock has corrected from the peak of Rs 468 to bottom out at around Rs 389 and has recovered from there on to show positive bias and strength with more upside rise to come in the future. The RSI also is on the rise and signify potential to gain further and can scale upto Rs 470.
With good volume activity seen, we recommend a buy in this stock for an upside target of Rs 470 keeping a stop loss of Rs 420.BUY GENUS POWER CMP: Rs 75.20 TARGET: Rs 83 STOP LOSS: Rs 71 The stock has more or less made a higher bottom formation in the daily chart and also it has taken support almost at the significant 200-DMA which lies at Rs 70.80 levels. A recovery is witnessed and we anticipate the stock to rise further upward till Rs 80 in the coming days. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 83 keeping a stop loss of Rs 71. BUY ASHOK LEYLAND CMP: Rs 123.35 TARGET: Rs 132 STOP LOSS: Rs 118 The stock has made a good base at around Rs 110-112 levels and now has produced a positive bullish candle to indicate strength and potential to rise and gain further in the coming days. Also the RSI has indicated a steep rise signifying a positive bias and we anticipate it to scale upto Rs 130-132 levels in the near term. With tremendous volume witnessed, we recommend a buy in this stock for an upside target of Rs 132 keeping a stop loss of Rs 118. Disclaimer: The analyst may have positions in any or all the stocks mentioned above.