Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty after a string of failed attempts finally crossed the barrier of 9,980 and closed above the 10,000, indicating a positive sentiment to bring in hopes for further upward movement in coming days. However, the support for the day is seen at 9,950 while resistance is seen at 10,050.
CMP: Rs 126.85
TARGET: Rs 135
STOP LOSS: Rs 119
The stock has maintained its support at around Rs 120 and consolidated many times at these levels and has now given a spurt with positive bias indicating strength and potential to rally further to new heights. The RSI indicator has been on the rise and has now indicated a trend reversal signaling a buy. With good volume participation witnessed, we recommend a positional buy for an upside target of Rs 135 keeping a stop loss of Rs 119.
CMP: Rs 80.60
TARGET: Rs 87
STOP LOSS: Rs 76.50
The stock has made bottom at around 76 levels twice or thrice and has recovered strongly from thereon. The stock has now again produced a positive candle showing bullish trend and is ready for an upward move to give a breakout above 84 levels. The RSI has strongly reversed its trend and has signaled a buy for a potential up move to scale new targets. We recommend a buy in this stock for an upward target of 87 keeping a stop loss of 76.50.
BUY ASIAN PAINTS
CMP: Rs 1238.05
TARGET: Rs 1345
STOP LOSS: Rs 1190
The stock has been on a good run since the past 5-6 months and for some time it has been in a consolidation phase. Now it has produced a positive candle to maintain the positive bias and has given a breakout to indicate further potential and strength to rally upward. With decent volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 1,345 keeping a stop loss of Rs 1,190.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.