Intraday support for Nifty seen at 9,840, says Prabhudas Lilladher

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

Nifty outlook

Nifty, after giving a correction of approximately 450 points, has bounced back to close at 9,897 which is the trend line, so currently Nifty lies at cusp of levels. The next move up or down would bring in clarification for the direction of the market. The support for the day is seen at 9,840 while resistance is seen at 9,945.

BUY ACC      

CMP: Rs 1811.20       

TARGET: Rs 2000        

STOP LOSS: Rs 1750 

       

The stock has made a higher bottom formation in the daily chart with a rising trend bias and is poised for an up move to scale new heights. The RSI has also made a trend reversal signaling a buy and with decent volume participation witnessed. We recommend a buy in this stock for an upside target of Rs 2000 keeping a stop loss of Rs 1750.

BUY PNB     

CMP: Rs 147.55      

TARGET: Rs 160       

STOP LOSS: Rs 138

The stock has made more or less a double bottom or we can say a higher bottom formation pattern in the daily chart and has recovered strongly to maintain a positive bias in the coming days. The indicators like RSI has shown a trend reversal which signals a buy and with rising volume participation. We recommend a buy in this stock for an upside target of Rs 160 keeping a stop loss of Rs 138.

BUY KAVERI SEEDS     

CMP: Rs 564.40      

TARGET: Rs 640     

STOP LOSS: Rs 510

The stock has made a steep correction from Rs 708 to Rs 497 levels and has now made a strong recovery with RSI bouncing back from the oversold zone and also showing a positive trend reversal to signal a buy. Also a double bottom formation pattern has been formed at around Rs 495 levels and we anticipate the stock to move up further strongly to scale new targets. We recommend a buy in this stock for the upside target of Rs 640 keeping a stop loss of Rs 510.

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