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Nifty outlook and key trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
MADHUCON PROJECTS - BUY
CMP: Rs 33.50
STOP LOSS: Rs 25
TARGET: Rs 50 - 60
Madhucon project is showing bottoming out at 25 levels after a corrective move from 60 levels, the RSI is supporting for an upmove towards 50-60. We recommend a buy in this stock keeping a stop loss of 25 for an upside target of 50 – 60.
DCB BANK - BUY
CMP: Rs 185
STOP LOSS: Rs 178
TARGET: Rs 200 – 205
The stock has been moving around in a consolidation phase and with the RSI indicator bouncing back from its oversold zone, has indicated a positive buy signal. We recommend a Buy in this stock with a promising upside target of 200 – 205 keeping a stop loss of 178.
BPCL - BUY
CMP: Rs 500
STOP LOSS: Rs 470
TARGET: Rs 550 - 560
The stock has given a bullish candle pattern after a short consolidation period and we anticipate it to give a return of around 7% -8% from here on. The RSI indicator has also given a Buy signal by reversing its trend. We recommend a buy in this stock keeping a stop loss of 470 for an upside target of 550 - 560.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.