Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Market is unable to sustain at higher levels, though for now there is no negative bias unless 9,680 breaks decisively. With the RSI bouncing back from the oversold zone in the daily chart, we may not rule out a bounce back going to even 10,000 levels. The support for the day is seen at 9,820 while the resistance is seen at 9,900.
CMP: Rs 522.95
TARGET: Rs 563
STOP LOSS: Rs 494
The stock after a short correction has taken support at around Rs 500 and is now showing a positive candle with potential to rise further with strength. Also it has taken support at the significant moving average of 144-WMA and looks attractive for further upward move. The RSI has indicated a trend reversal signaling a buy and is supporting our positive bias. We recommend a buy in this stock for an upside target of Rs 563 keeping a stop loss of Rs 494.
CMP: Rs 416
TARGET: Rs 460
STOP LOSS: Rs 396
The stock has made a lower top formation and has given a huge spurt with a gap-up indicating strong uptrend in the coming days. The RSI indicator has shown a trend reversal which also signals a buy and looks attractive for further up move maintaining a positive bias. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 460 keeping a stop loss of Rs 396.
CMP: Rs 1053.35
TARGET: Rs 1145
STOP LOSS: Rs 980
The stock has witnessed a huge correction from the levels of Rs 1320 and has made a bottom at Rs 986, and has indicated a positive candle showing potential and strength to move the stock still further upward till Rs 1140. The RSI has reversed its trend from the highly oversold zone and signifies positive bias for the coming days. We recommend a buy in this stock for an upside target of Rs 1,145 keeping a stop loss of Rs 980.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.