Buy Godrej Agrovet, JM Financial: Prabhudas Lilladher

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Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW

 
Nifty maintained the positive run for the second day but only a decisive move above the 10,250-10,300 range would bring about a positive conviction and we can anticipate further upward rally. As said earlier, the level of 9,950 would act a important support level. However, the support for the day is seen at 10,120 while resistance is seen at 10,240. Being the expiry of F&O Derivative segment, we anticipate volatility in the market.

BUY   GODREJ AGROVET    

CMP : Rs 650.75    

TARGET : Rs 710    

STOP LOSS : Rs 620

 
The stock has formed a higher bottom formation pattern in the daily chart taking support at the significant 34 WMA and is showing a positive bias and with the RSI indicating a trend reversal, the chart looks attractive for further rise from here on. We anticipate the stock to scale upwards till 710 levels and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 710 keeping a stop loss of 620.

BUY JM FINANCIAL      

CMP : Rs 132.10    

TARGET :  Rs 152    

STOP LOSS : Rs 116

 
The stock has witnessed a gradual correction from the peak of 170 to bottom out at 115 levels and now currently a recovery mode is in the process to signify strength and potential to carry on the momentum to further heights. The RSI has indicated a trend reversal from the oversold zone to signify a positive bias. With good volume activity seen, we recommend a buy in this stock for an upside target of 152 keeping a stop loss of 116.

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