Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty has managed to bounce well after taking a support at 9700 levels; it now needs to cross the hurdle of 9950-10000 levels for this rally to go on. The support for the day is seen at 9870 while the resistance is seen at 9960.
BUY AUROBINDO PHARMA
CMP: Rs 707.65
TARGET: Rs 800
STOP LOSS: Rs 680
The stock has made a decent correction from Rs 776 to Rs 665 and from there on it has made a V shape recovery in the daily chart indicating a pull back along with rising RSI indicator. We anticipate further upward move and expect some more buoyancy to take the stock to 800 and above levels. We recommend a buy in this stock for an upside target of Rs 800 keeping a stop loss of Rs 680.
BUY SOUTH INDIAN BANK
CMP: Rs 28
TARGET: Rs 32
STOP LOSS: Rs 27
The stock has been consolidating for quite some time around the Rs 27 and has maintained a good support. The stock has made a good positive candle pattern and we anticipate the stock to rise further till around Rs 32. With the RSI also turning up with positive indications, we recommend a buy in this stock for an upside target of Rs 32 keeping a stop loss of Rs 27.
CMP: Rs 1053.35
TARGET: Rs 1750
STOP LOSS: Rs 1400
The stock has been consolidating around the range Rs 1520 and Rs 1620 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 buy in this stock for an upside target of Rs 1750 keeping a stop loss of Rs 1400.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.