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