Intraday support for Nifty seen at 9,865, says Prabhudas Lilladher

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

Nifty View:

Nifty has recovered significantly from the low of 9,740 and as of now is getting set for the expiry of future contracts, however bias is positive with Nifty having its near-term support at 9,840. The support for the day is seen at 9,865, while the resistance is seen at 9,950.

  

BUY GUJARAT ALKALIES    

CMP: Rs 433.60      

TARGET: Rs 470       

STOP LOSS: Rs 410

The stock has been in consolidation phase for almost three months and now it has given a breakout and moved past the level of Rs 420 decisively indicating positive bias with strength and potential. We anticipate further rally to move upwards to attain new target levels. With rising volume and positive RSI and MACD, we recommend a buy in this stock for an upside target of Rs 470 keeping a stop loss of Rs 410.

BUY JAIN IRRIGATION    

CMP: Rs 98.20        

TARGET: Rs 110        

STOP LOSS: Rs 91

The stock has made a higher bottom formation pattern in the daily chart and has made a strong reversal with a positive bias and is on the rise. The RSI indicator has also made a trend reversal signaling a buy while the MACD is also showing a positive bias with good volume participation. We recommend a buy in this stock for an upside target of Rs 110 keeping a stop loss of Rs 91.

  

BUY ASIAN PAINTS     

CMP: Rs 1155.90        

TARGET: Rs 1235       

STOP LOSS: Rs 1120

The stock has been moving in a very narrow range for some time and now has produced a positive bullish candle pattern indicating strength and positive bias for further upside. The RSI has also shown a trend reversal and along with decent volume activity going on, we anticipate a rise in the stock price in coming days. We recommend a buy in this stock for an upside target of Rs 1235 keeping a stop loss of Rs 1120.

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