 "Top trading ideas from Prabhudas Lilladher: Buy HDFC, Jindal Steel & Power")
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher.
NIFTY VIEW
The Indices have taken a breather, with Nifty after correcting to 50% retracement level of the rise from 9950 to 10930, now needs to move past 10560 levels decisively for further bounce to 10620. This would still be considered as a bounce back rally unless Nifty sustains above 10680-10700 decisively. The support for the day is seen at 10460 while resistance is seen at 10570.
BUY HDFC LTD
CMP: Rs 1806.10
TARGET: Rs 1920
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STOP LOSS: Rs 1770
The stock has witnessed a decent erosion from the peak of 1942 to bottom out at around 1780 levels which is exactly at the significant moving average of 200DMA and we anticipate a revival from here on. The RSI has hit the oversold zone and is poised for an upward movement. The chart looks attractive and with good risk reward ratio and decent volume participation witnessed, we recommend a buy in this stock for an upside target of 1920 keeping the stop loss of 1770.
BUY JINDAL STEEL & POWER
CMP: Rs 227.65
TARGET: Rs 250
STOP LOSS: Rs 218
The stock has corrected somewhat from its peak of 264 and has indicated a bottom formation at around 222 levels and with the indicators poised for a revival from hereon has made the stock to look attractive for an up move in the coming days. The RSI has almost touched the oversold zone and with the risk reward ratio becoming favourable and with good volume activity witnessed, we recommend a buy in this stock for an upside target of 250 keeping the stop loss at 218.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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