Nifty to see resistance at 10,300 in truncated week: Prabhudas Lilladher

Buy Mastek, Astec, ICICI Bank, says Vaishali Parekh of Prabhudas Lilladher

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

NIFTY VIEW:

Market surely getting in festive mood with Nifty making a new high and in new round of momentum. This being a truncated week, we would have a range of 10,000 while resistance would be at 10,300. Bank Nifty would have a range of 24,170-25,180.

BUY MASTEK     

CMP: Rs 332.40              

TARGET: Rs 375              

STOP LOSS: Rs 310

The stock has recovered significantly from the low of Rs 274 and has shown strength and potential to rise further to scale the levels of Rs 375-380. The RSI has been on the rise and has been on a positive bias and we anticipate the stock to give a good run. With decent volume participation witnessed, we recommend the stock for a buy with an upside target of Rs 375 keeping a stop loss of Rs 310.

BUY ASTEC LIFE     

CMP: Rs 619.10          

TARGET: Rs 660               

STOP LOSS: Rs 592

The stock has been maintaining above the significant 200-DMA and has shown a positive bias with potential to rise further in the coming days. The RSI has shown a trend reversal while also the MACD has been on  the rise showing positive indications for further more rally in the coming days. With volume on the rise, we recommend a buy in this stock for an upside target of Rs 660 keeping a stop loss of Rs 592.

BUY ICICI BANK 

   

CMP: Rs 271.30        

TARGET: Rs 294         

STOP LOSS: Rs 262

The stock has been in a corrective mode for quite some time and has made a bottom at Rs 264 and now positive bias indications are there with the formation of a positive candle. The RSI also has shown a trend reversal from the highly oversold area and has signaled a buy. With volume participation on the rise in recent days, the stock looks attractive for further rise in the coming days and hence we recommend a buy in this stock for an upside target of Rs 294 keeping a stop loss of Rs 262.

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