Buy IOC, Cummins India, Jain Irrigation, says Prabhudas Lilladher

Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
 
CUMMINS INDIA - BUY  
CMP: Rs 966.40     
TARGET: Rs 1,070     
STOP LOSS: Rs 920 

 
The stock was in a consolidation phase for quite some time and has now made a breakout above the 950 level making a bullish candle pattern in the daily chart. The RSI indicator is on the rise so also is the MACD and has shown potential to rise further to scale new levels. We recommend a buy in this stock for an upside target of 1070 keeping a stop loss of 920.

 
IOC - BUY   
CMP: Rs 375.15     
TARGET: Rs 425    
STOP LOSS: Rs 360
 
The stock has given a gradual correction from the high levels of 450 to 369 levels and now indications of positive bias with good volume participation is visible. The RSI indicator which is hovering in the oversold zone has given a trend reversal signaling a buy and so we recommend this stock for a buy for an upside target of 425 keeping a stop loss of 360.
 
JAIN IRRIGATION - BUY    
CMP: Rs 109.35    
TARGET: Rs 120   
STOP LOSS: Rs 100
 
The stock has been in a consolidation phase and now a positive bullish candle pattern with tremendous volume has indicated strength and potential for an upside move and we anticipate the stock to give a breakout above the previous peak of 110 and scale further new targets. The RSI also has made a positive trend reversal and we recommend this stock for an upside target of 120 keeping a stop loss of 100.

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