Buy Godrej Properties for a target of Rs 820: Prabhudas Lilladher

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

NIFTY VIEW

Nifty and Bank Nifty has begun to face profit booking after the consecutive days of rally and is now precariously poised at the higher levels. Bank Nifty has already initiated a corrective move while Nifty has indicated a Doji formation in the daily chart.  The chances of a downward movement cannot be ruled out in the coming days. The support for the day is seen at 11,280 while resistance is seen at 11,400.

BUY KAJARIA CERAMICS   

CMP: Rs 457.75      

TARGET: Rs 500      

STOP LOSS: Rs 430

The stock has eroded much of its gain correcting from the peak of almost 765 to bottom out now at 414 levels and currently has indicated a revival to signify positive bias and potential to rise further in the coming days. The RSI has been on the rise with strength and also the MACD has shown a trend reversal recently to signal a buy for further momentum. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 500 keeping a stop loss of 430.

BUY GODREJ PROPERTIES  

CMP: Rs 743.25      

TARGET: Rs 820      

STOP LOSS: Rs 705

The stock has made a bottom formation in the daily chart at around 650 levels and has given a bounce to indicate strength and has maintained a positive bias. Currently, also the stock has just given a breakout above the significant 200 DMA moving average to signify potential for a further rise in the coming days. The volume has been rising in recent times and the stock looking attractive, we recommend a buy in this stock for an upside target of 820 keeping a stop loss of 705.   

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