Business Standard

Technical calls: Buy Ujjivan Finance, Kwality and Castrol India

Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher

Vaishali Parekh  |  New Delhi 

technicals

Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW:

After Nifty showing resistance at 10,500 , market witnessed a corrective move, now near term support coming at 10,130, a decisive break of 10,100 would drag Nifty to a further downslide to 10,000-9,800 levels. The support for the day is seen at 10,130 while resistance is seen at 10,230.

BUY UJJIVAN FINANCE

CMP: Rs 388.60        
TARGET: Rs 430       
STOP LOSS: Rs 360  

The stock has been moving in an upward trend for quite some time and recently it has made a higher bottom formation pattern in the daily chart and thereafter it has significantly recovered to give a breakout above the previous high of Rs 381. The RSI has been on the rise and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 430 keeping a stop loss of Rs 360.

BUY   

CMP: Rs 101.55            
TARGET: Rs 120           
STOP LOSS: Rs 95 

The stock has been consolidating for some time at around Rs 96-100 after the stock fell from the peak of Rs 156 and looks attractive for a decent rise from hereon. The RSI has shown a steep rise indicating a strong positive bias and signaling a buy in this stock. We anticipate a good run up to the levels of Rs 115-120 and with decent volume activity going on, we recommend a buy in this stock for an upside target of Rs 120 keeping a stop loss of Rs 95.

BUY    

CMP: Rs 397.85          
TARGET: Rs 430           
STOP LOSS: Rs 382

The stock has made a higher bottom formation pattern in the daily chart and has produced a positive bullish candle to signify further strength and potential to rise upward in the coming days. The previous peak of Rs 430 can be retested and possibility of a breakout can also be anticipated. With the RSI reversing its trend to signal a buy indicates the positive bias with many favourable factors. With a decent volume participation support our view, we recommend a buy in this stock for an upside target of Rs 430 keeping a stop loss of Rs 382.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Wed, November 15 2017. 08:06 IST
RECOMMENDED FOR YOU