Markets check: Buy Coal India, IndusInd Bank, BF Utilities

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

Nifty View:

The downslide has begun with now Nifty resting at a support of 9,850, a break of this would slide it further down to 9,750-9,600 levels. Nifty needs to cross 9,920 to confirm the end of correction. The support for the day is seen at 9,825 while resistance is seen at 9,920.

  

BUY COAL INDIA      

CMP: Rs 257.05     

TARGET: Rs 275     

STOP LOSS: Rs 245

The stock has made a higher bottom formation pattern at around Rs 248 in the daily chart and now has produced a positive candle pattern to show potential and strength to move further upward. The RSI has also indicated a trend reversal signaling a buy thus supporting our positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 275 keeping a stop loss of Rs 245.

BUY INDUSIND BANK     

CMP: Rs 1,701.70       

TARGET: Rs 1845    

STOP LOSS: Rs 1,640

The stock has been in a rising trend and has regularly taken support at the significant moving average of 34-WMA and currently again it has come to the level of the  34-WMA and is showing a positive bias with potential to rise further up. The stock looks attractive and with accompanied with decent volume participation, we recommend a buy in this stock for an upside target of Rs 1,845 keeping a stop loss of Rs 1640.

BUY BF UTILITIES        

CMP: Rs 408.60      

TARGET: Rs 452       

STOP LOSS: Rs 378

The stock has made a series of higher bottom formation pattern in the daily chart recently and once again is showing positive bias with a bullish candle visible and we anticipate it to rise further with potential and strength till around Rs 470-480. With volume picking up in recent days, we recommend a buy in this stock for an upside target of Rs 452 keeping a stop loss of Rs 378.

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