Buy Godrej Agrovet, JM Financial: Prabhudas Lilladher

Photo: Shutterstock.com
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.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel