 "Expect weekly support on Nifty at 9,820, says Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty View:
Nifty after a good bounce from its low of 9,700 levels has bounced by 300 points, however the weekly trend continues to be down, also weightage amongst the Nifty51 is still tilted more towards the negative by 81%. The support for the week is seen at 9,820 while resistance is seen at 10,100.
BUY AMARA RAJA BATTERIES
CMP: Rs 800.75
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TARGET: Rs 865
STOP LOSS: Rs 760
The stock has witnessed a correction and made a low of around Rs 750 and then it has recovered strongly to make a lower bottom formation pattern. Also the RSI indicator has been on the rise and is showing a positive bias with strength and potential to rally further from this level. We recommend this stock for an upside target of Rs 865 keeping a stop loss of Rs 760.
BUY BEML
CMP: Rs 1846.30 '
TARGET: Rs 2000
STOP LOSS: Rs 1730
The stock is more or less making a higher bottom formation pattern in the daily chart and is heading for a breakout above the previous peak of Rs 1920. The RSI is indicating a trend reversal and signaling a buy with a positive bias and also the MACD is improving its trend. With good volume participation, we recommend a buy in this stock for an upside target of Rs 2000 keeping a stop loss of Rs 1730.
BUY INDIGO
CMP: Rs 1255.20
TARGET: Rs 1365
STOP LOSS: Rs 1180
The stock has recently taken support at the levels of Rs 1160, which was also the low made in the month of July and now has regained strength and potential to rise further to new heights. The RSI indicator also has bounced back from the oversold zone to indicate a trend reversal to signal a buy and has confirmed the positive bias in the stock. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1365 keeping a stop loss of Rs 1180.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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