Intraday resistance for Nifty seen at 10,140: Prabhudas Lilladher

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

NIFTY VIEW:

Nifty after a short pause raced towards the 10,100 mark clearing the pessimism that was hovering in the minds of the market players a day before and now is near to retest the peak level of 10,178 and chances of giving a breakout cannot be ruled out. However, the support for the day is seen at 10,050 while resistance is seen at 10,140.

BUY GULSHAN POLY   

CMP: Rs 85.85      

TARGET: Rs 98      

STOP LOSS: Rs 81

The stock after making a double bottom formation in the daily chart has given a breakout above the previous peak of Rs 88.90 and has now maintained above the significant 200-DMA and is showing potential and strength for further rise in the coming days. The RSI has given a trend reversal recently and is on the rise signifying a positive bias in the stock. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 98 keeping a stop loss of Rs 81.

BUY BEL       

CMP: Rs 169.35     

TARGET: Rs 182    

STOP LOSS: Rs 160

The stock has made a higher bottom formation in the daily chart and is gradually on the rise indicating a positive bias with potential to rise further and now with a positive candle indications are pretty good for a bounce from here on to scale the previous peak level of 181 and a breakout can be anticipated. With the RSI showing a positive rise with trend reversal, we recommend a buy in this stock for an upside target of Rs 182 keeping a stop loss of Rs 160.

BUY AXIS BANK     

CMP: Rs 525.10       

TARGET: Rs 560      

STOP LOSS: Rs 505

The stock has been moving in the rangebound zone of Rs 480 and Rs 525, and has maintained above the significant 200-DMA. We anticipate a breakout above the 525 to scale fresh targets. The RSI indicator is on the rise and has shown a positive bias. With good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 560 keeping a stop loss of Rs 505.

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