Intraday resistance for Nifty seen at 10,050, says Prabhudas Lilladher

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

Nifty View:

Nifty after a string of failed attempts finally crossed the barrier of 9,980 and closed above the 10,000, indicating a positive sentiment to bring in hopes for further upward movement in coming days. However, the support for the day is seen at 9,950 while resistance is seen at 10,050.

BUY PFC    

CMP: Rs 126.85       

TARGET: Rs 135        

STOP LOSS: Rs 119

The stock has maintained its support at around Rs 120 and consolidated many times at these levels and has now given a spurt with positive bias indicating strength and potential to rally further to new heights. The RSI indicator has been on the rise and has now indicated a trend reversal signaling a buy. With good volume participation witnessed, we recommend a positional buy for an upside target of Rs 135 keeping a stop loss of Rs 119.

  

BUY TATA POWER   

CMP: Rs 80.60      

TARGET: Rs 87     

STOP LOSS: Rs 76.50

The stock has made bottom at around 76 levels twice or thrice and has recovered strongly from thereon. The stock has now again produced a positive candle showing bullish trend and is ready for an upward move to give a breakout above 84 levels. The RSI has strongly reversed its trend and has signaled a buy for a potential up move to scale new targets. We recommend a buy in this stock for an upward target of 87 keeping a stop loss of 76.50.

BUY ASIAN PAINTS    

CMP: Rs 1238.05         

TARGET: Rs 1345       

STOP LOSS: Rs 1190

The stock has been on a good run since the past 5-6 months and for some time it has been in a consolidation phase. Now it has produced a positive candle to maintain the positive bias and has given a breakout to indicate further potential and strength to rally upward. With decent volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 1,345 keeping a stop loss of Rs 1,190.

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