ALSO READMarkets check: Buy M&M Finance, Jindal Steel and Voltas Buy HPCL, Arvind and Adani Enterprises, says Vaishali Parekh Buy Balrampur Chini, Cords Cable and DLF, says Vaishali Parekh Support for Nifty is seen at 9875, resistance at 9960: Prabhudas Lilladher Three trading ideas by Vaishali Parekh of Prabhudas Lilladher
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Markets face intense selling with Sensex losing by 450 points while Nifty tumbling by a huge 135 points and close below the 10,250 mark on the expiry day of F&O segment. The support for the day is seen at 10,170 while resistance is seen at 10,270.
BUY JINDAL STEEL
CMP: Rs 171.80
TARGET: Rs 187
STOP LOSS: Rs 164
The stock has been in an upward trending mode and currently has been consolidating for quite some time at around 170-175 levels and even in the weak market has maintained its level gaining potential and strength to rise further. We anticipate a upward move in the coming days and with RSI maintaining its strength,it supports our view of a positve bias. We recommend to buy this stock for an upside target of Rs 187 keeping a stop loss of Rs 164.
CMP: Rs 233.25
TARGET: Rs 255
STOP LOSS: Rs 222
The stock has been on the rise in the recent past and with frequent higher top and higher bottom formation has been in an upward trending mode. The stock looks promising and attractive for further rise and with the indicators like RSI indicating an upward rise is showing a positive bias and thus supports our view for a buy. We recommend this stock for an upside target of Rs 255 keeping a stop loss of Rs 222.
CMP: Rs 416.70
TARGET: Rs 455
STOP LOSS: Rs 402
The stock has more or less formed a double bottom pattern in the daily chart at around Rs 408 levels and even in the weak market has maintained its levels to signify potential and strength to rise in the upward in the coming days. The RSI has also indicated a positive trigger from the oversold area and with increasing volume activity witnessed, the stock looks attractive and we recommend a buy for an upside target of Rs 455 keeping a stop loss of Rs 402.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.