Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
CMP: Rs 430.75
TARGET: Rs 460
STOP LOSS: Rs 415
The stock has been consolidating around Rs 415 for quite some time and has given a bullish candle pattern with decent volume participation. The RSI indicator has reversed its trend and has indicated a buy signal along with the MACD. We recommend a buy in this stock for an upside target of Rs 460 keeping a stop loss of Rs 415.
BUY JAIN IRRIGATION
CMP: Rs 103.75
TARGET: Rs 114
STOP LOSS: Rs 99
The stock has given a decent correction from the levels of Rs 119 to Rs 83 in the last month and from thereon has made a good recovery to reach till Rs 103. The RSI is on the rise and MACD indicator also is in the buy mode and along with other favourable indicators supporting, we recommend a buy in this stock for an upside target of Rs 114 keeping a stop loss of Rs 99.
BUY JINDAL STEEL & POWER
TARGET: Rs 135
STOP LOSS: Rs 116
The stock has made a decent upward move in the past week to give a break out above the consolidation period from 20th April to 24th May and now again been moving around the Rs 120 for the past 4-5 days. We anticipate the stock to move above the recent high of Rs 129 and give a breakout to reach Rs 135. We recommend a buy in this stock keeping a stop loss of Rs 116 for an upside target of Rs 135.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.