Nifty to trade within 10,280-10,580 zone this week: Prabhudas Lilladher

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

NIFTY VIEW

Nifty continues to be in a new price territory with no signs of reversal for now. Our weekly range lies at 10,280 as support while resistance is seen at 10,580. Realty too has scope for further up move, however Nifty  being in the overbought zone, we suggest a cautious move.

BUY YES BANK

     

CMP: Rs 325.95     

TARGET: Rs 355-360    

STOP LOSS: Rs 310

The stock has recovered significantly from the low of Rs 298 where it has made a bottom and is on the up move. We anticipate it to rise further with potential and strength upto Rs 355-360 levels. The RSI has made a trend reversal from the oversold zone and is signifying a positive bias signaling a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 360 keeping a stop loss of Rs 310.

BUY KALYANI STEEL     

CMP: Rs 423.45      

TARGET: Rs 460      

STOP LOSS: Rs 403

The stock has been in consolidation phase for some time between the range of Rs 403-422 levels and now it has produced a positive candle pattern in the daily chart with high volume signifying a positive bias to rise further in the coming days. The indicators are also favourable like the RSI which has recently showed a trend reversal and looks promising. We recommend a buy in this stock for an upside target of Rs 460 keeping a stop loss of Rs 403.

BUY BANK OF BARODA       

CMP: Rs 171.75    

TARGET: Rs 190     

STOP LOSS: Rs 162

After the recent huge candle formation in the daily chart, it has witnessed a short correction and now we anticipate a further upmove to reach again to the previous peak level of around Rs 190-195 levels and also with the favourable indicators supporting our view of a positive bias, this stock looks attractive for an investment buy. We recommend this stock for an upside target of Rs 190 keeping a stop loss of Rs 162.

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