ALSO READBuy Bajaj Auto, HCL Infosystems and Dhanlakshmi Bank: Prabhudas Lilladher Market Check: Top trading ideas from Prabhudas Lilladher Nifty will see support at 9,770 levels today, says Prabhudas Lilladher Top technical calls from Prabhudas Lilladher for today's trade Buy Bajaj Auto, Gail and Jet Airways says Prabhudas Lilladher
Nifty has shown resistance at around 10500 levels and has witnessed some volatility with profit booking in some counters. As of now, Nifty has taken support at 10250 levels, which is also where the significant moving average of 34WMA lies. However, the support for the week lies at 10120 while resistance lies at 10460. As said earlier, a decisive breach of 10200 can bring about fresh selling and we may see more downside.
BUY BANK OF INDIA
CMP: Rs 196.35
TARGET: Rs 250
STOP LOSS: Rs 185
The stock has been consolidating after the huge spurt it gave 2 weeks back and now it has been gathering potential and strength to rise further and we anticipate a level upto 240 -250 can be achieved in the coming days. The volume has been significant and on the improving end and with RSI and MACD on the rise, a positive bias has been maintained in the stock. We recommend a buy in this stock for an upside target of 250 keeping a stop loss of 185.
BUY LARSEN & TOUBRO
CMP: Rs 1,264.95
TARGET: Rs 1,380
STOP LOSS: Rs 1,220
The stock was in a consolidation phase for some time at around 1210- 1230 range and now it has produced a positive bullish candle formation in the daily chart regaining strength and it signifies potential to rise further still upward in the coming days. The RSI has shown a steep rise with a trend reversal and also support our view of a positive bias. With volume activity on the rise in recent times, we recommend this stock for an upside target of 1380 keeping a stop loss of 1220.
BUY BAJAJ AUTO
CMP: Rs 3,253.35
TARGET: Rs 3,420
STOP LOSS: Rs 3,140
The stock has made a higher bottom formation pattern in the daily chart and is poised for an up move with strength and potential. Now the formation of a bullish candle signifies a positive bias and we anticipate the stock to rise further till 3420 levels. The RSI is also indicating a trend reversal and signaling a buy and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of 3420 keeping a stop loss of 3140.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above