Top technical calls from Prabhudas Lilladher: Buy Maruti, Bank of Baroda

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Nifty view and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

 

Nifty View

 

Nifty has been taking support at around the 9,780 levels and a decisive close above the 9,880 level would confirm the upward trend or else some Nifty can drag down to break the previous low of 9,685. The support for the week is seen at 9,680 while resistance is seen at 9980.

 

AUROBINDO PHARMA - BUY    

CMP: Rs 732.15       

TARGET:  Rs 780   

STOP LOSS: Rs 695

 

The stock has made a gradual correction and now has shown a positive candle with a positive bias  to rally further upward to scale new targets. The RSI indicator has shown a trend reversal signaling a buy and we anticipate some more bounce back with strength. We recommend a buy in this stock for an upside target of 780 keeping a stop loss of 695.

 

MARUTI SUZUKI - BUY      

CMP: Rs 7,612.85         

TARGET: Rs 8,100        

STOP LOSS: Rs 7,380

 

The stock has been on a good run for a long time since December 2016 and it has been consolidating for some time for now and has been gaining strength and potential for further upward movement. The RSI has made a trend reversal signaling a buy thereby indicating positive bias in the stock. We recommend a buy in this stock for an upside target of 8,100 keeping a stop loss of 7,380.

 

BANK OF BARODA - BUY   

CMP: Rs 142.85        

TARGET: Rs 156   

STOP LOSS: Rs 134

 

The stock has corrected well from the levels of 168 to 138 and has made a double bottom formation pattern at around that levels in the daily chart. There is revival in the stock and with the RSI indicating a trend reversal for a buy and looks attractive and potential for further upward movement in the coming days. We recommend a buy in this stock for an upside target of 156 keeping a stop loss of 134.

 

: The analyst may have positions in any or all the stocks mentioned above.


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