Buy Bajaj Finance, Voltas and V-Guard Industries, says Prabhudas Lilladher

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

NIFTY VIEW:

Nifty finally hit the important figure of 10,500 and made history and now a decisive breach above 10,550-10,580 would bring in fresh new upward movement while on the downside Nifty would maintain the positive bias unless it breaks the level of 10,350 as of now. However, the support for the week can be seen at 10,330, while the resistance would be at levels 10,630.

BUY BAJAJ FINANCE      

CMP: Rs 1782.45       

TARGET: Rs 1920       

STOP LOSS: Rs 1700

The stock has corrected from the peak of Rs 1973 and has made a bottom at around Rs 1630 level recently and has given a significant move upwards. The stock look promising and attractive and we anticipate a further gain in the coming days with the RSI indicating a trend reversal while also the MACD is on the rise indicating a positive bias. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1920 keeping a stop loss of Rs 1700.

BUY VOLTAS         

CMP: Rs 658.95        

TARGET: Rs 720       

STOP LOSS: Rs 630

The stock has produced a wonderful rally since the past 1 year and now it has made a higher bottom formation pattern in the daily chart after the short correction and has given a breakout above the previous peak of around 654 levels. The stock look attractive with the RSI on the rise and also the MACD has indicated a trend reversal thus signaling a buy. With tremendous volume throughout the year, we recommend a buy in this stock for an upside target of Rs 720 keeping a stop loss of Rs 630.

BUY V-GUARD INDUSTRIES     

CMP: Rs 238.15           

TARGET: Rs 265        

STOP LOSS: Rs 222

The stock was moving sideways in a consolidation phase and now it has produced a positive bullish candle pattern in the daily chart indicating strength and potential to rise still further in future. The RSI has shown a steep reversal and has signaled a buy in the daily chart. With rising volume participation in the past 2-3 weeks, we recommend this stock for an upside target of Rs 265 keeping a stop loss of Rs 222.

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