ALSO READNifty outlook and top trading ideas by Prabhudas Lilladher for today Technical calls for today's trade: Buy Berger Paints, Ashok Leyland Support for Nifty is seen at 9875, resistance at 9960: Prabhudas Lilladher Nifty outlook and top stock recos by Prabhudas Lilladher Nifty outlook and trading ideas from Prabhudas Lilladher for today's trade
Nifty has corrected by 900 points from its peak, with RSI still to get in oversold zone which implies some more scope of corrective move, however if Nifty sustains above 10550, we may see a further move to 10700-10750. The support for the day is seen at 10440 while resistance is seen at 10560. Its time to cherry pick stocks for accumulation in decline from here on.
BUY BERGER PAINTS
CMP: Rs 241.50
TARGET: Rs 265
STOP LOSS: Rs 230
The stock has witnessed a correction from the peak of 280 to make a bottom at 232 levels where it has given a regular support base and recovered. We anticipate a regain of strength to scale upto 260-265 levels and with all the indicators at their oversold zone, the chart looks attractive and we recommend a buy in this stock for an upside target of 265 keeping a stop loss of 230.
BAJAJ FINANCE - BUY
CMP: Rs 1,662.15
TARGET: Rs 1,785
STOP LOSS: Rs 1,590
The stock has made a low of 1511 and shown a decent recovery to indicate strength and potential to rise further with a positive bias. The indicators have indicated a decent revival with much more upside potential in the coming days. With the chart looking promising and with decent volume activity, we recommend a buy in this stock for an upside target of 1785 keeping a stop loss of 1590.
JSW STEEL - BUY
CMP: Rs 283.20
TARGET: Rs 305
STOP LOSS: Rs 268
The stock has maintained its levels inspite of the very weak market scenario and has taken support at the significant moving average of 144 WMA and indicate a strong recovery. We anticipate a good run from here on and can expect a rise upto 305-310 levels. The volume participation has been decent and we recommend a buy in this stock for an upside target of 305 keeping a stop loss of 268.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.