Top technical calls for today's trade: Buy Tech Mahindra, Balrampur Chini

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher
 
NIFTY VIEW:
 
Nifty has nearly marched towards our projected target of 10,500 with a high made at 10,451; the support for the day is seen at 10,390 while resistance is seen at 10,480. Bank Nifty would have a range of 25,270-25,680.
 

BUY LAKSHMI VILAS BANK  
CMP: Rs 156.05      
TARGET: Rs 170     
STOP LOSS: Rs 145
 
The stock has recovered significantly after making the bottom at around 133 levels and now has produced a positive bullish candle in the daily chart and we anticipate it to rise further with potential and strength upto 170 levels. The RSI has given a steep rise indicating a positive bias and also signaling a buy. With good volume participation witnessed, we recommend a buy in this stock with an upside target of keeping a stop loss of

 
BUY BALRAMPUR CHINI    
CMP: Rs 174.60     
TARGET: Rs 192    
STOP LOSS: Rs 164
 
The stock has been in a consolidation phase at around 158 - 160 levels and has recovered from there on significantly and now we anticipate it to give a breakout above the previous peak of 180 levels and with the RSI on the rise showing a positive bias, the stock looks promising for an upward move. With volume activity improving, we recommend this stock for a buy for an upside target of 192 keeping a stop loss of 164.
 
BUY TECH MAHINDRA     
CMP: Rs 488.50     

TARGET: Rs 525    
STOP LOSS: Rs 472
 
The stock has been on a good run from the levels of 375 where it has made a bottom and now after making a higher bottom formation pattern in the daily chart, it has once again given a decent rise and we expect it to continue in the coming days too with potential and strength. The RSI has been on the rise and with volume improving, we suggest to buy this stock for an upside target of 525 keeping a stop loss of 472.
 
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.