Buy Bajaj Auto with a stop loss of Rs 2,790, says Vaishali Parekh

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

BUY JAIN IRRIGATION  

CMP: Rs 108.90       

TARGET: Rs 122           

STOP LOSS: Rs 100

The stock after correcting from the peak level of around Rs 120 has bottomed out at Rs 82.50 and has recovered strongly to make a V-shaped pattern. We anticipate the stock to still move further to scale the level of around Rs 122 and with RSI and MACD on the rise with decent volume participation, we recommend a buy in this stock for an upside target of Rs 122 keeping a stop loss of Rs 100.

               

BUY BAJAJ AUTO    

CMP: Rs 2845.70         

TARGET: Rs 3030            

STOP LOSS: Rs 2790

The stock has been consolidating for the past 5-6 days and has got a good support at around Rs 2800, which is also where the 200-DMA lies. Now it has given a positive bullish candle and looks promising to give an upward move. The RSI indicator has recently given a trend reversal signaling a buy and with decent volume participation, we recommend a buy in this stock for an upside target of Rs 3030 keeping a stop loss of Rs 2790.

BUY AMBUJA CEMENTS      

CMP: Rs 244.95        

TARGET: Rs 265        

STOP LOSS: Rs 234

The stock has made a lower bottom formation pattern in the daily chart and has moved strongly to give a breakout above the previous high of Rs 244.80. The stock has gained potential to scale to its next peak level of around Rs 265 and with increasing volume activity and rising RSI and MACD indicator, the stock looks promising. We recommend a buy in this stock for an upside target of Rs 265 keeping a stop loss of Rs 234.

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