Technical ideas for today's trade: Buy ITC, Gujarat Pipavav, GM Breweries

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

BUY ITC     

CMP: Rs 276.65  

TARGET: Rs 292   

STOP LOSS: Rs 270

The stock has made a bullish chart pattern which is quite attractive after correcting from its recent peak level of Rs 293. The stock has a good support at around Rs 270, from where it has been reversing its trend. The RSI has indicated a buy signal and we anticipate the stock to rise to its previous peak level of Rs 292. We recommend a buy in this stock keeping a stop loss of Rs 70 and with a target of Rs 292.                 

BUY GUJARAT PIPAVAV PORT    

CMP: Rs 164.40  

TARGET: Rs 175   

STOP LOSS: Rs 158

The stock has given a breakout above the Rs 162, which was in a consolidation phase and has picked up with a tremendous volume participation. The close above the 34-WMA moving average and with RSI indicator on the rise. We recommend this stock for a Buy keeping a stop loss of Rs 158 for an upside target of Rs 175.

  

BUY GM BREWERIES    

CMP: Rs 468.35  

TARGET: Rs 510   

STOP LOSS: Rs 440

The stock has made a good spurt with a decent volume and has given a breakout from its consolidation period. The RSI indicator is on the rise and also the MACD indicator has given a buy signal reversing its trend. We anticipate the stock to rise to its previous peak and keeping a stop loss of Rs 440. We recommend a Buy in this stock for an upside target of Rs 510.

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