 "Markets check: Buy Cipla, Apollo Tyres and Raymond")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW:
The daily and weekly trend in Nifty continues to be up while the monthly trend would turn up with a close above 9,950. The support for the week is seen at 10,150 while resistance is seen at 10,500. Nifty would now have near term resistance at 10,500.
BUY CIPLA
CMP: Rs 625.05
TARGET: Rs 680
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STOP LOSS: Rs 600
The stock has made a higher bottom formation pattern in the daily chart signifying a positive bias in the upward direction and also the sentiment in the pharma sector has improved, thus supporting our view of a pullback. The RSI has also been on the rise and recently has shown a trend reversal signaling a buy. Overall the trend has been on the rise and with volume activity looking decent, we recommend a buy in this stock for an upside target of Rs 680 keeping a stop loss of Rs 600.
BUY APOLLO TYRES
CMP: Rs 243.50
TARGET: Rs 265
STOP LOSS: Rs 230
The stock has been in consolidation phase for quite some time at around Rs 240, and now has shown a positive candle pattern in the daily chart indicating strength and potential to gain further upside to scale around Rs 265 levels. The RSI has indicated a trend reversal signaling a buy and showing a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 265 keeping a stop loss of Rs 230.
BUY RAYMOND
CMP: Rs 900.20
TARGET: Rs 980
STOP LOSS: Rs 850
The stock has been on an uptrend for quite some time and once again a higher bottom formation pattern can be seen and looks attractive for further more rally in the coming days. The RSI has indicated a bounce back and looks significant for an up-move from here on. With good volume activity seen in the stock, we recommend a buy in this stock for an upside target of Rs 980 keeping a stop loss of Rs 850.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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