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Technical calls for today's trade: Buy Berger Paints, Ashok Leyland

Nifty outlook and few trading ideas by Prabhudas Lilladher

Vaishali Parekh  |  New Delhi 


outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

For Nifty, the upside is capped for now and as & when we break 9,700 levels we would be witnessing further downslide. The support for the week is seen at 9,620 while resistance is seen at 9,930.
- BUY   
CMP: Rs 245.10     
TARGET: Rs 272     
The stock has witnessed a decent correction and has again bottomed out at the 200 DMA which is at 238 level and we anticipate a positive upward rise from here on with strength and potential. The RSI indicator also has indicated a trend reversal, signaling a buy and thus supporting our positive bias. With good consistent volume activity witnessed, we recommend a buy in this stock for an upside of 272 keeping a of 230
- BUY     
CMP: Rs 794.50     
TARGET: Rs 860     
The stock after witnessing a good steep correction has made a bottom at 775 levels and on multiple occasions it has take support at these levels. The stock loots attractive and the indicators also support for a positive bias movement in the upward direction. We anticipate a good bounce back and can scale the previous peak level of 868. With good volume participation witnessed, we recommend a buy in this stock for an upside of 860 keeping a of 765.
- BUY     
CMP: Rs 123.10      
TARGET: Rs 136    
The stock has made a higher bottom formation pattern in the daily chart recently and has given a strong bounce back to give a breakout above the previous peak of 120 levels and has made way for fresh upward targets in the coming days. The RSI also has indicated a strong revival signifying strength and potential for further more rise in the stock. With tremendous volume participation seen in recent times, we recommend a buy in the stock for an upside of 136 keeping a of 114.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Tue, October 03 2017. 08:14 IST