Buy Bharat Financial, Punjab Chemicals and IDBI Bank, says Vaishali Parekh

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

BUY BHARAT FINANCIAL     

CMP: Rs 798.75     

TARGET: Rs 885     

STOP LOSS: Rs 750

The stock has recovered significantly after it had made a double bottom formation in the daily chart and now is on the verge of a breakout above Rs 815. With RSI on the rise having positive bias and also with decent volume participation, we anticipate the stock to move past the previous high level of Rs 815 and scale new upper targets. We recommend a buy in this stock for an upside target of Rs 885 keeping a stop loss of Rs 750.

BUY PUNJAB CHEMICALS     

CMP: Rs 339.90       

TARGET: Rs 365       

STOP LOSS: Rs 322

The stock has been in consolidation phase moving in a range and now we anticipate a breakout above the Rs 345 and with the RSI indicating a positive trend reversal signaling a buy, we anticipate a  good up move in the coming days. With good volume activity and other favourable indicators, we recommend a buy in this stock for an  upside target of Rs 365 keeping a stop loss of Rs 322.

BUY IDBI BANK

      

CMP: Rs 58.05      

TARGET: Rs 65      

STOP LOSS: Rs 54.50

The stock has given a good correction from Rs 82 to make a bottom at around Rs 53 and has recovered and then consolidated for a while. A positive bullish candle is in the making and with RSI rising along with the MACD supported by good volume activity, we recommend a buy in this stock for an upside target of Rs 65 keeping a stop loss of Rs 54.50.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.