Few trading ideas by Chandan Taparia, Derivatives & Technical Analyst At Motilal Oswal Securities:
Nifty index failed to surpass 10,400 zones and corrected towards 10,345-mark. It formed a Bearish candle but has been consolidating between 10,340 and 10,410 zones from last four trading sessions. It requires a decisive range breakout to start the next leg of rally. Now it has to continue to hold above 10,350 to witness an up move towards 10,400, and then 10,450, while on the downside supports are seen at 10,300 then 10,250 zones.
CAN FIN HOME
Last Close: Rs 490
Stop Loss: Rs 478
Target: Rs 515
It formed a Bullish Engulfing candle on the Daily chart and managed to hold the support of Rs 460 zones. It has surpassed immediate hurdle of Rs 480-482 zones and buying interest is seen in the entire NBFC segment. It looks attractive in terms of risk-reward ratio.
Last Close: Rs 8671
Stop Loss: Rs 8580
Target: Rs 8888
It has been making higher top-higher bottom and has hit the new life-time high. It witnessed late hour buying interest with activities in entire Auto sector. We expect the stock to continue its up move towards Rs 8850-8888 zones.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.