Intraday support for Nifty seen at 9,680: Prabhudas Lilladher

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

NIFTY VIEW:

Nifty, after opening higher on Wednesday, witnessed heavy profit-booking and the fall intensified in the second half of the session to see a close below 9,750 level. The sentiment has turned down and pessimism has crept in and for Nifty the next major support would be at around 9,550 levels. However, the support for the day is seen at 9,680 while resistance is seen at 9,775.

BUY DEEPAK NITRATE  

CMP: Rs 185.95      

TARGET: Rs 206     

STOP LOSS: Rs 174

The stock has been in a consolidation phase for some time at around Rs 175-180 and now it has given a breakout above the level of Rs 184 to indicate potential and strength to rally further in the coming days. The RSI indicator has shown a trend reversal recently and has signaled a buy in this stock. With tremendous rising volume witnessed, we recommend a buy in this stock for an upside target of Rs 206 keeping a stop loss of Rs 174.

BUY  SHRIRAM TRANSPORT FINANCE  

CMP: Rs 1049.55      

TARGET: Rs 1145     

STOP LOSS: Rs 990

The stock has witnessed a decent correction and has bottomed out near the 200-DMA which is at around Rs 970 and has significantly picked up from thereon. The RSI indicator also has shown a trend reversal, thus signaling a buy to support our positive bias. With high volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 1145 keeping a stop loss of Rs 990.

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