Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Market continues to consolidate at these levels for now with THE Nifty holding the support of 10,250. The support for the day lies at 10,240, while resistance lies at 10,350. Select stocks are in round of momentum and we maintain a cautious view if Nifty breaches the level of 10,200 downside.
CMP: Rs 812.75
TARGET: Rs 880
STOP LOSS: Rs 760
The stock has taken support at the significant 200-DMA and it has given a good bounce-back from there on to signify strength and potential to rise still further upward in the coming days. The RSI has indicated a steep rise and has shown a trend reversal signaling a buy in this stock. With tremendous volume witnessed, we recommend a buy in this stock for an upside target of Rs 880 keeping a stop loss of Rs 760.
BUY ASIAN PAINTS
CMP: Rs 1195.60
TARGET: Rs 1270
STOP LOSS: Rs 1140
The stock has got a good strong base at around Rs 1120-1135 levels and now it has regained strength producing a positive candle pattern in the daily chart and we anticipate the stock to move towards the previous peak level of Rs 1260 in the coming days. The RSI has also indicated a trend reversal signaling a buy and thus supporting our view of a positive bias to move in the upward direction. We recommend a buy in this stock for an upside target of Rs 1270 keeping a stop loss of Rs 1140.
BUY KAJARIA CERAMICS
CMP: Rs 720.7 5
TARGET: Rs 790
STOP LOSS: Rs 680
The stock has made a higher bottom formation pattern in the daily chart and is regaining strength with an up move with a positive bullish candle and we anticipate it give a breakout above the level of Rs 745 and rise further to scale new heights. The RSI also has recovered from the oversold zone and has indicated a rise with potential to gain further in the coming days. With good decent volume witnessed, we recommend a buy in this stock for an upside target of Rs 790 keeping a stop loss of Rs 680.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.