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Technical calls: Buy Ujjivan Finance, Kwality and Castrol India

Vaishali Parekh/New Delhi 15 Nov 17 | 08:06 AM

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


NIFTY VIEW:

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After Nifty showing resistance at 10,500 , market witnessed a corrective move, now near term support coming at 10,130, a decisive break of 10,100 would drag Nifty to a further downslide to 10,000-9,800 levels. The support for the day is seen at 10,130 while resistance is seen at 10,230.


BUY UJJIVAN FINANCE


CMP: Rs 388.60        

TARGET: Rs 430       

STOP LOSS: Rs 360  


The stock has been moving in an upward trend for quite some time and recently it has made a higher bottom formation pattern in the daily chart and thereafter it has significantly recovered to give a breakout above the previous high of Rs 381. The RSI has been on the rise and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 430 keeping a stop loss of Rs 360.


BUY KWALITY   


CMP: Rs 101.55            

TARGET: Rs 120           

STOP LOSS: Rs 95 


The stock has been consolidating for some time at around Rs 96-100 after the stock fell from the peak of Rs 156 and looks attractive for a decent rise from hereon. The RSI has shown a steep rise indicating a strong positive bias and signaling a buy in this stock. We anticipate a good run up to the levels of Rs 115-120 and with decent volume activity going on, we recommend a buy in this stock for an upside target of Rs 120 keeping a stop loss of Rs 95.


BUY CASTROL INDIA    


CMP: Rs 397.85          

TARGET: Rs 430           

STOP LOSS: Rs 382


The stock has made a higher bottom formation pattern in the daily chart and has produced a positive bullish candle to signify further strength and potential to rise upward in the coming days. The previous peak of Rs 430 can be retested and possibility of a breakout can also be anticipated. With the RSI reversing its trend to signal a buy indicates the positive bias with many favourable factors. With a decent volume participation support our view, we recommend a buy in this stock for an upside target of Rs 430 keeping a stop loss of Rs 382.


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

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