Buy Asian Paints for target of Rs 1370, SL of Rs 1190: Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher:

NIFTY VIEW
Nifty with its one way fall from 11,750 to a low of 10,200 with oversold zone, a bounce is expected up to 10,500-10,550. The support for the day is seen at 34,220/10,280 while resistance is seen at 34,730/10,420. Volatility index too in its overbought zone, its time it retraces which would bring instability under control. Bank Nifty would observe a range of 24,350-24,880. A close below 10,260 would negate the view and perhaps witness new round of selling.

BUY ASIAN PAINTS
CMP: Rs 1,247.80
TARGET: Rs 1,370
STOP LOSS: Rs 1,190
The stock has corrected from the peak of 1490 and currently has shown signs of bottoming out at around 1190 levels and produced a positive bullish candle to signify strength and potential to rise further in the coming days. The chart looks attractive for initiating a buy call and with RSI indicating a trend reversal from the highly oversold zone, a positive bias has been maintained. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 1370 keeping a stop loss of 1190.

BUY BATA INDIA
CMP: Rs 893.80
TARGET: Rs 1,000
STOP LOSS: Rs 840
The stock has witnessed a steep correction in the past one month from the peak of 1115 to indicate signs of bottom out at around 845 levels and has made the chart look very attractive. The RSI has witnessed a steep fall and currently from the oversold zone has indicated a pullback with a trend reversal to maintain a positive bias and also with good volume activity maintained in the stock, we recommend a buy in this stock for an upside target of 1000 keeping a stop loss of 840.

Technical calls for the day by HDFC Securities: Buy Bata India

Nifty outlook and top stock ideas by Vinay Rajani, Technical Analyst, HDFC Securities:
Stock Market
Nifty continued to remain in the narrow range of 10700-10850. Any level above 10850 would confirm bullish breakout from the symmetrical triangle, while close below 10700 would confirm bearish reversal on the charts. Advance decline ratio has been negative for last 10 days, indicating weak market breadth. Any level above 10850 would push Nifty towards next target of 11020 in Nifty. Close below 10700 could extend the fall towards far support of 10550.

Bata India Stock Price
CMP: Rs 845.55
Target: Rs 890
Stop loss: Rs 820
In the current month of June 2018, when most of the stocks have been hammered down, Bata managed to register new all time high with jump in volumes. After 3 days of running correction, Bata India resumed its uptrend during yesterday’s trading session by rising more than 2.5% with higher volumes. Oscillator and Moving average setup also indicates the bullish trend for the stock.

We recommend Buying Bata India for the target of 890, keeping SL at 820.

STOCK MARKET- Top technical calls from Prabhudas Lilladher

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

BATA INDIA - BUY    
CMP: Rs 569.20      
TARGET: Rs 600      
STOP LOSS: Rs 545

The stock has made a higher bottom formation like pattern in the daily chart and with the reversal of trend in RSI, the stock looks attractive for an up move to scale further new heights. The volume participation has been a decent one and with favourable indicators supporting, we recommend a buy in this stock for an upside target of 600 keeping a stop loss of 545.
 
SHRIRAM CITY UNION FINANCE - BUY    
CMP: Rs 2,309.80      
TARGET: Rs 2,600  
STOP LOSS: Rs 2,150

The stock has made a decent correction from the peak of 2,620 to around 2,200 levels and has bottomed out there and now is showing a trend reversal with a positive bullish candle pattern. The RSI indicator has reversed its trend signaling a buy and recovered from the oversold zone and with good volume activity going on, we recommend a buy in this stock for an upside target of 2,600 keeping a stop loss of 2,150.

OIL INDIA - BUY    
CMP: Rs 277.65      
TARGET: Rs 310      
STOP LOSS: Rs 258

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