Buy Jindal Steel, Bajaj Auto and Kotak Bank, says Prabhudas Liladher

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

BUY  JINDAL STEEL

   

CMP: Rs 118.50    

TARGET: Rs 135    

STOP LOSS: Rs 110

The stock has been consolidating around the range of Rs 108 to Rs 116 for quite some time and now it has given a breakout with decent volume. The RSI indicator also has signaled a Buy by reversing its trend in the positive direction. We recommend a positional buy in this stock keeping a stop loss of Rs 110 for an upside target of Rs 135. 

  

BUY  KOTAK BANK  

CMP: Rs 956.50    

TARGET: Rs 1000    

STOP LOSS: Rs 935

The stock has made a higher bottom formation with the support lying strong at around 935 levels. The RSI indicator has reversed its trend on the positive side signaling a buy and also with high volume participation, we anticipate the stock to move on further till 1000 level. We recommend a Buy keeping a stop loss of 935 for an upside target of 1000.

  

BUY  BAJAJ AUTO   

CMP: Rs 2822.80    

TARGET: Rs 3000    

STOP LOSS: Rs 2750

The stock has made a decent correction from the higher levels of Rs 3047 to Rs 2750, where it has taken support multiple times and has almost made a triple bottom formation pattern in the daily chart. The RSI indicator also is recovering from its oversold zone and hence we recommend a positional buy in this stock for an upside target of Rs 3000 keeping a stop loss of Rs 2750.

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