Nifty view and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
Nifty continues to move in a very narrow range and is witnessing resistance at every rise near the 9,900 level and is finding difficulty to surpass the 10,000 mark. We anticipate Nifty to be in a range bound zone in the near term and also due to global factors like the North Korean tensions, volatility can be expected. The support for the day is seen at 9,900 while resistance is seen at 10,000.
JK PAPER - BUY
CMP: Rs 106.85
TARGET: Rs 117
STOP LOSS: Rs 98
The stock has made a double bottom formation in the daily chart at around 90 levels and has strongly recovered from thereon to maintain above the cluster of significant Moving Averages. The RSI is on the rise which indicates potential and strength for further upward movement and with decent volume participation witnessed, we recommend a positional buy in this stock for an upside target of 117 keeping a stop loss of 98.
CENTURY PLY - BUY
CMP: Rs 242.85
TARGET: Rs 268
STOP LOSS: Rs 232
The stock has witnessed a decent correction from the levels of around 305 and now it has made a low near to the 200 DMA which is at 240 level. We anticipate a turn around and some revival is possible and with the RSI indicator at highly oversold zone, there is much potential in this stock to bounce back. We recommend this stock for an upside target of 268 keeping a stop loss of 232.
GMDC - BUY
CMP: Rs 147.25
TARGET: Rs 160
STOP LOSS: Rs 138
The stock after some consolidation phase at around 140 levels has given a breakout to rise to 147 and with the RSI and MACD showing positive bias with potential to rise further upward, we anticipate a bounce back upto 160 levels in the coming days. We recommend a buy in this stock for an upside target of 160 keeping a stop loss of 138.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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