Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty sustained above 9,980 & rising RSI on daily chart suggests in all likelihood, the index would re-test 10,100-10,170. The support for the week is seen at 9,840 while resistance is seen at 10,030.
CMP: Rs 99.65
TARGET: Rs 109
STOP LOSS: Rs 92.50
The stock has corrected from 109 to bottom out at Rs 93 and has made a strong revival from thereon to give a breakout above the 200-DMA showing potential and strength to move upward still further in the coming days. The RSI has shown a trend reversal recently and has signaled a buy to show further positive bias in the stock. With good volume participation witnessed, we recommend a buy in the stock for an upside target of Rs 109 keeping a stop loss of Rs 92.50.
CMP: Rs 2059.55
TARGET: Rs 2280
STOP LOSS: Rs 2000
The stock has been consolidating for some time near the levels of Rs 2000-2040 and has been gathering strength and we anticipate a further rally in the coming days to move past the previous peak of Rs 2390. The RSI is on the rise and also the MACD is showing positive bias with potential to rise up further. With decent volume participation seen, we recommend a buy in this stock for an upside target of Rs 2280 keeping a stop loss of Rs 2000.
BUY BATA INDIA
CMP: Rs 760.20
TARGET: Rs 815
STOP LOSS: Rs 726
The stock has had a good run and recently it had witnessed a short correction only to make a higher bottom pattern formation in the daily chart and has now given a breakout above the previous peak of Rs 749.50 levels. The RSI has strongly made a revival to show positive bias and also potential to rise still further in the coming days. Accompanied with active volume participation, we recommend the stock for a buy for an upside target of Rs 815 keeping a stop loss of Rs 726.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.