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Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
BATA INDIA - BUY
TARGET: Rs 600
STOP LOSS: Rs 545
The stock has made a higher bottom formation like pattern in the daily chart and with the reversal of trend in RSI, the stock looks attractive for an up move to scale further new heights. The volume participation has been a decent one and with favourable indicators supporting, we recommend a buy in this stock for an upside target of 600 keeping a stop loss of 545.
SHRIRAM CITY UNION FINANCE - BUY
CMP: Rs 2,309.80
TARGET: Rs 2,600
STOP LOSS: Rs 2,150
The stock has made a decent correction from the peak of 2,620 to around 2,200 levels and has bottomed out there and now is showing a trend reversal with a positive bullish candle pattern. The RSI indicator has reversed its trend signaling a buy and recovered from the oversold zone and with good volume activity going on, we recommend a buy in this stock for an upside target of 2,600 keeping a stop loss of 2,150.
OIL INDIA - BUY
CMP: Rs 277.65
TARGET: Rs 310
STOP LOSS: Rs 258
The stock has given a good correction to a tune of almost 27% from the peak of 340 to bottom out at around 250 levels and from there on has recovered with a positive bias. With the RSI indicator and MACD on the rise, the stock looks potentially attractive for further rally. We recommend a buy in this stock for an upside target of 310 keeping a stop loss of 258.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.