Intraday support for Nifty seen at 10,290, says Prabhudas Lilladher

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

NIFTY VIEW:

Nifty has moved past the crucial resistance of 10,250, and has made a higher bottom formation in the daily chart showing potential and strength for further upside movement. As of now, the level of 10,125 would act as the major support for Nifty. However, the support for the day is seen at 10,290 while resistance is seen at 10,390.

  

BUY KPIT

CMP: Rs 137.40      

TARGET: Rs 154        

STOP LOSS: Rs 127

The stock has formed a higher bottom formation pattern in the daily chart and has given a decent recovery to give a breakout above the previous peak and now is anticipated to enter a fresh zone near upto Rs 150. The RSI has been on the rise and looks attractive for an upside rally in the coming days. With good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 154 keeping a stop loss of Rs 127.

BUY ONGC  

CMP: Rs 177.35     

TARGET: Rs 192       

STOP LOSS: Rs 168

The stock has recovered from the low of Rs 155 and has strongly regained strength and now has moved past the 200-DMA level indicating potential for still further upside movement. The RSI has been on the rise and also has indicated a trend reversal signaling a buy in this stock. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 192 keeping a stop loss of Rs 168.

BUY CENTURY PLY  

CMP: Rs 278.95      

TARGET: Rs 315      

STOP LOSS: Rs 262

The stock has maintained its level above the 2000-DMA and has regained strength from that level and it is now cruising ahead with potential to rise further in the coming days. The volume has been tremendous in recent days and with also the MACD showing a positive bias is likely to show momentum in future. With  favorable factors supporting our view, we recommend a buy in this stock for an upside target of Rs 315 keeping a stop loss of Rs 262.

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