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Hold longs on Nifty with a stoploss of 10,300: HDFC Securities

Nifty outlook and top trading ideas by Devarsh Vakil & Vinay Rajani - PCG Desk, HDFC securities

Devarsh Vakil & Vinay Rajani  |  Mumbai 

technicals

and top trading ideas by Devarsh Vakil & Vinay Rajani - PCG Desk, HDFC securities:

Nifty View

On Tuesday, Nifty broke 8-day winning streak and closed with a loss of 29 points. Primary trend is still bullish and 10,300 is the level, which should be kept as a stop loss in trading long positions. Nifty has been facing resistance in the zone of 10,400-10,410 for last 3 sessions. Any level above 10,410 would extend the rally towards 10600 levels.

Buy Green Ply

CMP: Rs 323.5
SL: Rs305
Target: Rs 365

Stock has registered its new all-time high on closing basis at Rs 323.50. On Monthly chart, there is a clear cut breakout from the long term consolidation, which remained in the price range of Rs Rs 250 to Rs 300.  Plywood industry stocks have been outperforming for last couple of weeks and the same is expected for the coming weeks also. Short term moving averages have reached above long term moving averages, indicating bullish trend on all time frames. Considering the technical evidences discussed above, we recommend buying the stock between Rs 323.5 and Rs 310, for the target of Rs 365, keeping a stoploss at Rs 305 on closing basis.
  
Buy Salzer Electric

CMP: Rs 219
SL: Rs 206
Target: Rs 240

Stock has started forming higher tops and higher bottom on the weekly charts. Stock price has also surpassed the previous top resistance placed around Rs 214 on closing basis. Stock has surpassed its 200-DMA resistance and has been sustain above it for last many days. Volumes have been building up along with the price rise in the counter for last couple of months, indicating strength in the counter. Oscillators are also indicating bullish trend for the stock  Considering the technical evidences discussed above, we recommend buying the stock between Rs 219 and Rs 210, for the target of Rs 240, keeping a stoploss at Rs 206 on closing basis.  

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

First Published: Wed, November 29 2017. 08:23 IST
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