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Top trading ideas by Prabhudas Lilladher: Buy Bajaj Auto, Kansai Nerolac

Nifty outlook and top trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher.

Vaishali Parekh  |  Mumbai 

Markets, Buy, Sell, Stocks, Shares

VIEW

The is gradually progressing holding the 11,000 levels with RSI on the daily chart at 62 bringing in scope for further upside; however, in between dips cannot be ruled out. Among the 50, most of the heavyweights have got their weekly trend turned up. Support for the week is seen at 36,000/10,820 while resistance is seen at 37,280/11,230. Bank Nifty would have a range of 27,100-28,370. RIL, ICICI, Axis, Kotak, ITC, Hero etc. look promising from hereon.

BUY BAJAJ AUTO

CMP: Rs 2,955.70

TARGET: Rs 3,180

STOP LOSS: Rs 2,870

The stock has indicated a breakout above the Rs 2,945 levels in the daily chart and has improved the bias and implies further upward thrust in the coming days. The RSI is on the rise and with favourable indicators supporting our view, the stock looks attractive for more upward fresh targets. With decent volume participation seen, we recommend a buy in this stock for an upside target of Rs 3,180, keeping a stop loss of Rs 2,870.

BUY KANSAI NEROLAC PAINTS

CMP: Rs 444.60

TARGET: Rs 490

STOP LOSS: Rs 425

The stock has formed a multiple bottom formation pattern at near Rs 428 levels to signify a strong base and currently has produced a bullish candle to show strength and has potential to rise further in the coming days. The RSI also has indicated a trend reversal to signal a buy and maintain a positive bias. With good volume activity seen in the stock, we recommend a buy in this stock for an upside target of Rs 490 keeping a stop loss of Rs 425.

First Published: Mon, March 11 2019. 06:37 IST
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