 "Technical calls for today's trade: Buy, JSPL, IOC and Kansai Nerolac")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
BUY JINDAL STEEL
CMP: Rs 114
Stop loss: 108
Target: Rs 125
JSPL is correcting from Rs 135 and has retraced to a low of Rs 105. The long term trend continues to be positive. RSI on daily chart shows signs of reversal, we recommend a BUY for a target of Rs 125.
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BUY INDIAN OIL CORPORATION
CMP: Rs 441.65
Stop loss: Rs 435
Target: Rs 460
IOC, already under a strong uptrend, has got in new round of momentum. RSI on daily chart, currently at Rs 60 after retracing from overbought zone, is showing signs of new round of momentum. A decisive cross of Rs 450 takes it to a new price range towards a projected target of Rs 460 and higher. We recommend a BUY.
BUY KANSAI NEROLAC
CMP: Rs 433
Stop loss: Rs 390
Target: Rs 480
Kansai Nerolac has given a breakout on a weekly chart with higher volume and rising indicators. We recommend a buy now and in decline near support of Rs 400 with a stop loss of Rs 390 for a positional target of Rs 480.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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