Top technical picks for today's trade from Prabhudas Lilladher

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

BUY SHRIRAM TRANSPORT FINANCE    

CMP: Rs 998.15        

TARGET: Rs 1200      

STOP LOSS: Rs 960

The stock has again consolidated at around Rs 965, which is a strong support. At regular intervals, it has gathered momentum from these levels. The stock has made a positive bullish candle pattern in the daily chart and also the RSI indicator has reversed its trend signaling a buy with a positive bias. We recommend a buy in this stock for an upside target of Rs 1,200 keeping a stop loss of Rs 960.

  

BUY PETRONET    

CMP: Rs 205.60      

TARGET: Rs 225       

STOP LOSS: Rs 195

The stock has witnessed a correction and has bottomed out at the 200-DMA which is at Rs 200. The stock looks attractive for an up move from here on and it has also made a bullish candle with good volume participation in the daily chart. The RSI indicator has hit bottom and is at the oversold zone and now has given a trend reversal signaling a buy. We recommend this stock for a buy for an upside target of Rs 225 keeping a stop loss of Rs 195. 

BUY GLENMARK PHARMA  

CMP: Rs 699.10       

TARGET: Rs 800       

STOP LOSS: Rs 650

The stock had a very steep correction from the levels of Rs 910 to bottom out at Rs 600 and thereafter has made a steady recovery with decent volume activity. The strength is still maintained and there is potential to rise much more from these levels and with the RSI and MACD on the rise. We recommend a buy in this stock for an upside target of Rs 800 keeping a stop loss of Rs 650.

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