Buy Jindal Steel, Bajaj Auto and Kotak Bank, says Prabhudas Liladher

Photo: Shutterstock
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

BUY  JINDAL STEEL
   
CMP: Rs 118.50    
TARGET: Rs 135    
STOP LOSS: Rs 110

The stock has been consolidating around the range of Rs 108 to Rs 116 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 positional buy in this stock keeping a stop loss of Rs 110 for an upside target of Rs 135. 
  
BUY  KOTAK BANK  

CMP: Rs 956.50    
TARGET: Rs 1000    
STOP LOSS: Rs 935

The stock has made a higher bottom formation with the support lying strong at around 935 levels. The RSI indicator has reversed its trend on the positive side signaling a buy and also with high volume participation, we anticipate the stock to move on further till 1000 level. We recommend a Buy keeping a stop loss of 935 for an upside target of 1000.
  
BUY  BAJAJ AUTO   

CMP: Rs 2822.80    
TARGET: Rs 3000    
STOP LOSS: Rs 2750

The stock has made a decent correction from the higher levels of Rs 3047 to Rs 2750, where it has taken support multiple times and has almost made a triple 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 Rs 3000 keeping a stop loss of Rs 2750.

: 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