 "Top trading ideas for today's trade: Buy Coal India, Shriram Transport")
Nifty view and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty View
Nifty continues to have a volatile move with volatility index also seeming to rise which would imply some corrective move, however for now Nifty is very much well within the range. The support for the day is seen at 9860 while resistance is seen at 9950.
Also Read
COAL INDIA - BUY
CMP: Rs 246.50
TARGET: Rs 255 - 260
STOP LOSS: Rs 230
The stock has made a decent correction from the higher levels of 330 to 234 where it has taken support and has almost made a double bottom formation pattern in the daily chart. The RSI indicator also is recovering from its oversold zone and hence we recommend a positional buy in this stock for an upside target of 255 - 260 keeping a stop loss of 230.
SHRIRAM TRANSPORT FINANCE - BUY
CMP: Rs 1,070.80
TARGET: Rs 1,180
STOP LOSS: Rs 980
The stock has been consolidating around the range 950 and 1050 levels for quite some time and now it has given a breakout with decent volume. The RSI indicator also has signaled a Buy by reversing its trend in the positive direction, we recommend a buy in this stock for an upside target of 1150 keeping a stop loss of 980.
IG PETROCHEMICALS - BUY
CMP: Rs 507.30
TARGET: Rs 600
STOP LOSS: Rs 440
The stock has been consolidating for quite a long time with a strong support near its 144 WMA which is around 420 levels and now it has made a positive candle pattern has indicated a Buy and we anticipate the stock to move up further till 600 levels. We recommend a buy in this stock keeping a stop loss of 440 and target of 600.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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