Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
The downslide has begun with now Nifty
resting at a support of 9,850, a break of this would slide it further down to 9,750-9,600 levels. Nifty
needs to cross 9,920 to confirm the end of correction. The support for the day is seen at 9,825 while resistance is seen at 9,920.
CMP: Rs 257.05
TARGET: Rs 275
STOP LOSS: Rs 245
The stock has made a higher bottom formation pattern at around Rs 248 in the daily chart and now has produced a positive candle pattern to show potential and strength to move further upward. The RSI has also indicated a trend reversal signaling a buy thus supporting our positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 275 keeping a stop loss of Rs 245.
CMP: Rs 1,701.70
TARGET: Rs 1845
STOP LOSS: Rs 1,640
The stock has been in a rising trend and has regularly taken support at the significant moving average of 34-WMA and currently again it has come to the level of the 34-WMA and is showing a positive bias with potential to rise further up. The stock looks attractive and with accompanied with decent volume participation, we recommend a buy in this stock for an upside target of Rs 1,845 keeping a stop loss of Rs 1640.
CMP: Rs 408.60
TARGET: Rs 452
STOP LOSS: Rs 378
The stock has made a series of higher bottom formation pattern in the daily chart recently and once again is showing positive bias with a bullish candle visible and we anticipate it to rise further with potential and strength till around Rs 470-480. With volume picking up in recent days, we recommend a buy in this stock for an upside target of Rs 452 keeping a stop loss of Rs 378.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.