Intraday support for Nifty seen at 9,970: Prabhudas Lilladher

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Few trading ideas by Vaishali Parekh, Research Analyst – Technical Research at Prabhudas Lilladher:


NIFTY VIEW:


Nifty steadily and gradually has recovered from the low of 9,687 and has closed above the 10,000 mark once again and we anticipate the previous peak of 10,178 to be re-tested in the coming days. However, the support for the day would be seen at 9,970 while resistance is seen at 10,060.





BUY CASTROL INDIA     


CMP: Rs 367.95       


TARGET: Rs 405       


STOP LOSS: Rs 350


The stock has corrected well in the last four months from the levels of Rs 450 to bottom out at around Rs 355 and now has indicated a revival with a positive candle pattern in the daily chart. The RSI also has shown a good bounce-back from the highly oversold zone to signify a trend reversal recently. We anticipate a good run further in the upward direction in coming days with potential and strength and can go up till Rs 405 levels where the cluster of significant moving averages are lying. We recommend a buy in this stock for an upside target of Rs 405 keeping a stop loss of Rs 350.




CMP: Rs 154.30     


TARGET: Rs 175      


STOP LOSS: Rs 145


The stock has witnessed a decent run from the peak of Rs 183 to bottom out at Rs 150 levels and several occasions it has taken support at this level thus forming a strong base. The RSI indicator has shown a trend reversal from the oversold area and the stock looks much attractive and potential for an up move till Rs 180 levels. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 175 keeping a stop loss of Rs 145.

 

BUY  UPL     

CMP: Rs 819.60       

TARGET: Rs 875     

STOP LOSS: Rs 770

 


The stock has made a lower bottom formation pattern recently in the daily chart and has recovered decently to move above the 200 DMA to signify potential and strength to rise further. It has now produced a positive candle and the stock looks attractive for further rally upside and we anticipate it move past the previous peak of 843 levels to scale the target of 875. We recommend to buy this stock for an upside target of 875 keeping a stop loss of 770.


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



BUY  UPL     CMP : 819.60       TARGET : 875      STOP LOSS: 770


The stock has made a lower bottom formation pattern recently in the daily chart and has recovered decently to move above the 200 DMA to signify potential and strength to rise further. It has now produced a positive candle and the stock looks attractive for further rally upside and we anticipate it move past the previous peak of 843 levels to scale the target of 875. We recommend to buy this stock for an upside target of 875 keeping a stop loss of 770.


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