Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty after correcting nearly by 50% of the recent swing has for now taken support at 10,100 levels. Market has witnessed a good bounce back rally from here, what now needs to be seen if Nifty manages to move past 10350 levels decisively for this rally to continue. The support for the day is seen at 10170 while resistance is seen at 10260.
CMP: Rs 623.50
TARGET: Rs 685
STOP LOSS: Rs 590
The stock is in an upward trend and now it has made a higher bottom formation pattern in the daily chart taking support at the significant moving average of 34-WMA and looks potentially attractive for further upside movement in the coming days. The stock looks poised for further gains and also the RSI has indicated a positive trigger signaling a buy and with good volume activity seen, we recommend a buy in this stock for an upside target of Rs 685 keeping a stop loss of Rs 590.
BUY HINDUSTAN ZINC
CMP: Rs 301.80
TARGET: Rs 328
STOP LOSS: Rs 288
The stock has more or less formed a higher bottom formation in the daily chart taking support at the 200-DMA which was at Rs 294. The stock looks attractive for an up move with potential and strength indicated with a positive bias. The RSI has also indicated a reversal in its trend and supports our view of a bullish run in the coming days. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 328 keeping a stop loss of Rs 288.
CMP: Rs 1030.75
TARGET: Rs 1090
STOP LOSS: Rs 985
The stock has been gaining strength and gradually is in a trending mode since it has hit the bottom at around 850 levels. The stock looks promising for still further rise in the coming days and we anticipate it to retest the previous peak of Rs 1070 and even a breakout can be expected. With the RSI also on the rise, we maintain a bullish bias and with good volume activity seen, we recommend a buy int this stock for an upside target of Rs 1090 keeping a stop loss of Rs 985.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.