Top trading ideas by Prabhudas Lilladher: Buy Kajaria Ceramics, Escorts

Nifty outlook and trading ideas from Vaishali Parekh, technical analyst at Prabhudas Lilladher

NIFTY VIEW

Nifty has moved into a new zone from the range-bound levels but is finding difficulty to move past the 11150 levels while Bank Nifty has been consolidating for quite some time within a narrow range. With the expiry of F&O segment and release of stocks earning report, we anticipate some volatility in the market. However, the support for the day is seen at 11070 while resistance is seen at 11200.

BUY KAJARIA CERAMICS

CMP: Rs 444.30

TARGET: Rs 500

STOP LOSS: Rs 415

The stock has witnessed a decent erosion from the peak of 580 to signs of bottoming out at around 414 levels and has indicated a good bounce with rising volume to signify strength. The RSI has indicated a trend reversal from the oversold zone and has signaled a buy. The chart looks attractive for an entry at this levels with minimum risk reward ratio. With good volume activity seen, we recommend a buy in this stock for an upside target of 500 maintaining a stop loss of 415 levels.

BUY ESCORTS

CMP: Rs 886.30

TARGET: Rs 965

STOP LOSS: Rs 830

The stock has made a double bottom formation pattern in the daily chart at around 825 levels making a good base and has indicated a good bounce to signify strength and potential to rise further and give a breakout above 920 levels to witness fresh upward move. Also the stock has moved past the significant 34WMA moving average making the bias positive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 965 keeping a stop loss of 830.

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