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Markets check: Buy M&M Finance, Jindal Steel and Voltas

Vaishali Parekh/Mumbai 14 Nov 17 | 08:20 AM

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


NIFTY VIEW:

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As said earlier, Nifty after the decline from the levels of 10,500, now has broke the significant level of 10,250 and the chances of further profit booking in the coming days cannot be ruled out. We have now the level of 9,980 for Nifty as the crucial support for the near term. However, the support for the day lies at 10,170 while resistance lies at 10,270. 


BUY MAH & MAH FINANCE       


CMP: Rs 433.55        

TARGET: Rs 470        

STOP LOSS: Rs 413


The stock has been in an upward trending mode and gradually it has been making a higher-bottom formation and with the formation of a bullish candle, the bias has become significantly positive and we anticipate it to rise up further to scale up to Rs 465-470 levels. The RSI has indicated a steep rise and has shown a trend reversal signaling a buy. With volume activity on the rise, we recommend a buy in this stock for an upside target of Rs 470 keeping a stop loss of Rs 413.


BUY VOLTAS     


CMP: Rs 576.60        

TARGET: Rs 630         

STOP LOSS: Rs 550


The stock has been on a good run for a long time and maintained the uptrend consistently. The RSI has been on the rise and has significantly maintained the positive bias. We anticipate the stock to rise further with strength and potential and scale fresh new heights of Rs 620-630. With favourable factors supporting our view and decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 630 keeping a stop loss of Rs 550.


BUY JINDAL STEEL & POWER  


CMP: Rs 171.70       

TARGET: Rs 190       

STOP LOSS: Rs 160


The stock has been consolidating for some time at around Rs 160-167 levels and now with a bullish candle pattern in the daily chart, it has indicated  a spurt giving a breakout about the previous peak level. The stock looks attractive for still further upward rally in the coming days and with indicators like RSI and MACD showing a trend reversal has signaled a buy in this stock. With good volume activity witnessed, we recommend a buy in this stock for an upside target of Rs 190 keeping a stop loss of Rs 160.


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

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