 "Buy Reliance Infra, Mahindra CIE, IRB Infra, says Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
BUY RELIANCE INFRA
CMP: Rs 526
TARGET: Rs 570
STOP LOSS: Rs 502
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The stock has witnessed a steep correction from the peak of Rs 620 to fall to Rs 436 levels and thereafter has recovered significantly and has gained strength to retrace almost 50%. It has produced a healthy positive candle now and the RSI has shown a trend reversal signaling a buy in this stock. We anticipate the stock to move further upward and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 570 keeping a stop loss of Rs 502.
BUY MAHINDRA CIE AUTOMOTIVE
CMP: Rs 251.70
TARGET: Rs 274
STOP LOSS: Rs 235
The stock has been gradually on the rise gaining potential and strength to signify more upward rally in the coming days and with the RSI also indicating a trend reversal on the positive side, we anticipate the stock to rise further to reach new targets. With good volume participation and also MACD on the rise, we recommend a buy in this stock for an upside target of Rs 274 keeping a stop loss of Rs 235.
BUY IRB INFRA
CMP: Rs 225.75
TARGET: Rs 250
STOP LOSS: Rs 212
The stock has made a lower bottom formation in the daily chart recently and thereafter has been consolidating for quite some time and has now gained strength and potential by producing a bullish candle pattern to rise further to scale new heights. Also a closing above the 200-DMA has brought in confidence and with the RSI strongly on the rise, we recommend a buy in this stock for an upside target of Rs 250 keeping a stop loss of Rs 212.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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