 "Top trading ideas by Prabhudas Lilladher: Buy SBI, Jindal Steel and Power")
MARKET VIEW
Nifty recovered gradually from the low of 11,770 and hit the 12,000-mark to signify positive bias and overall sentiment looks optimistic. Bank Nifty, too, has regained strongly from the low of 30,627 and can retest the previous high levels. However, the support for the day is seen at 39,660/11,880 for Sensex and Nifty, respectively while resistance is seen at 40,230/12,030. Bank Nifty would have a range of 30,950-31,550. Watch for select Pharma stocks like Cadila, Auro, Cipla which have trigerred positive momentum.
BUY SBI
CMP: Rs 347.10
TARGET: Rs 370
STOP LOSS: Rs 335
The stock has indicated a higher bottom formation pattern on the daily chart to signify strength and has taken support near the significant 34-WMA (Weighted Moving Average) which was at Rs 335 levels. The relative strength index (RSI) has indicated a trend reversal and has signaled a buy to improve the bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 370 keeping a stop loss of Rs 335.
BUY JINDAL STEEL AND POWER
CMP: Rs 162.10
TARGET: Rs 180
STOP LOSS: Rs 153
The stock has been in consolidation taking support near Rs 155 levels but currently a positive bullish candle has indicated strength and the upside potential looks attractive for the stock to anticipate further upward movement in the coming days. The RSI has also indicated a trend reversal to signal a buy and with favourable indicators supporting our view, we recommend a buy in this stock for an upside target of Rs 180 keeping a stop loss of Rs 153.
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Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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