Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nothing major seen in the indices level, Nifty seems to be continuing to be in a narrow range, on a near term basis a decisive break of 9880 would bring a further corrective move to 9800. While we see a cluster of resistances in Nifty at 9930-9960-10000, however, the support for the day is seen at 9870 while resistance is seen at 9960.
CMP: Rs 91.70
TARGET: Rs 102
STOP LOSS: Rs 87
The stock after making a low of Rs 67 has recovered strongly and now has given a closing breakout above the Rs 88, which was the previous peak. The rising volume participation indicate the positive bias in the stock and along with RSI and MACD on the rise, we anticipate further rally in the stock to reach new heights. We recommend a buy in this stock for an upside target of Rs 102 keeping a stop loss of Rs 87.
CMP: Rs 651.25
TARGET: Rs 705
STOP LOSS: Rs 610
The stock has recovered significantly from the low of Rs 544 and has been in consolidation for some time gaining strength and potential for further up move and with rising RSI indicator and MACD, the positive bias is maintained. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 705 keeping a stop loss of Rs 610.
CMP: Rs 832.55
TARGET: Rs 905
STOP LOSS: Rs 785
The stock has corrected well to make a low of around Rs 708 levels and has taken support at that level which is also where the 200-DMA lies and now has given a strong spurt in the past 3-4 days to move past the level of Rs 810 decisively, which was a major resistance zone. With RSI shooting up strongly with active volume participation in the recent days, there is a strong positive bias in the stock and hence we recommend a positional buy in this stock for an upside target of Rs 905 keeping a stop loss of Rs 785.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.