Nifty outlook and top trading ideas by Devarsh Vakil & Vinay Rajani - PCG Desk, HDFC securities:
Nifty Outlook: Nifty is hovering around its crucial support provided by previous bottom of 9685. Any level below 9685 would confirm bearish lower top and lower bottom formation on short term charts. Resistance would remain at 9950. Far Support for Nifty is seen around 9450. Traders are advised to hold longs with 9685 as a Stoploss in Nifty.
Buy Radico Khaitan
CMP: Rs 162.50
Stoploss: Rs 150
Target: Rs 180
Stock price has been forming higher top and higher bottom on the daily and weekly chart. Stock has recently surpassed the crucial resistance of its previous top and downward sloping trend line on the weekly charts. Oscillators like MACD and ADX have also been showing strength on the short to medium term charts. Considering the technical evidences discussed above, we recommend buying the stock between Rs 162.5 and Rs 155, for the target of Rs 180, keeping stoploss at Rs 150.
Buy Future Consumer
CMP: Rs 44.30
Stoploss: Rs 41
Target: Rs 49
Primary trend of the stock is bullish with higher tops and bottoms on the short term charts. Recently stock has given breakout from the bullish “Flag” pattern on the daily charts, indicating continuation of a primary uptrend. Short term moving averages are trading above long term moving averages indicating bullish momentum in the stock. Oscillators showing sign of strength on medium to long term chart. Considering the evidences discussed above, we recommend buying the stock between Rs 44 and Rs 41, for the target of Rs 49, keeping stoploss at Rs 41.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.