 "Nifty may break below 9,685 ahead of F&O expiry: Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW
Nifty succumbed to selling pressure after touching 9,900 and North Korean missile testing further triggered the intensity of the fall. The level of 9,685 on the downside is at risk and a breach of that level can be anticipated before the F&O expiry. However, the support for the day is seen at 9,750 while resistance is seen at 9,840.
BUY RBL BANK
CMP: Rs 531.55
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TARGET: Rs 565
STOP LOSS: Rs 510
The stock after making a bottom at around Rs 475 has recovered significantly and thereafter witnessed a consolidation phase for some time. It has produced a positive bullish candle indicating strength and potential to rise further upward. The RSI indicator has indicated a trend reversal signaling a buy supported by tremendous volume participation and hence we recommend a buy in this stock for an upside target of Rs 565 keeping a stop loss of Rs 510.
BUY RELIANCE INFRA
CMP: Rs 498.20
TARGET: Rs 545
STOP LOSS: Rs 470
The stock has made a bottom at around Rs 460 and has reversed it trend and has recovered significantly and we anticipate still further rally upward to scale upto Rs 545 levels. The RSI has made a positive bias which also support our call on this stock. We recommend a buy in this stock for an upside target of Rs 545 keeping a stop loss of Rs 470.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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