Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty has been correcting since seven days after making a high of 10,490 to now a low of 10,094. At this juncture, we may see some bounce coming in. However, the near term resistance would be at around 10,250-10,260 levels. The support for the day is seen at 10,060 while resistance is seen at 10,160.
BUY KOTAK BANK
CMP: Rs 1011.50
TARGET: Rs 1090
STOP LOSS: Rs 970
The stock has made a double bottom formation pattern in the daily chart after correcting from the peak of 1115 and has indicated a revival with a positive candle to signify potential and strength to rise further in the coming days. The RSI has also shown a trend reversal from the oversold zone and has signaled a buy in this stock. With the stock looking attractive for further gains and with good volume participation, we recommend a buy in this stock for an upside target of Rs 1090 keeping a stop loss of Rs 970.
CMP: Rs 1181.55
TARGET: Rs 1270
STOP LOSS: Rs 1140
The stock has been more or less in a consolidation phase and has been indicating a bullish candle pattern in the daily chart, signifying further potential and price rise to come. The stock looks well set for an upward movement with positive bias and RSI also indicating a steep rise has shown a trend reversal. With volume activity on the rise, we anticipate the stock to move till Rs 1270 levels and thus recommend a buy for an upside target of Rs 1270 keeping the base support at Rs 1140.
CMP: Rs 433.05
TARGET: Rs 475
STOP LOSS: Rs 416
The stock after the decent rally from the low of Rs 375 has been consolidating for quite some time gaining strength and has been moving along the significant moving average of 200-DMA and has indicated potential to rise further from here on to scale fresh new heights. Cement sector has been on the improvement and with good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 475 keeping a stop loss of Rs 416.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.